Local Chinese rebar and wire rod prices increase

During the week ending July 22, average prices of Chinese domestic rebar and wire rod have moved up, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On July 22, rebar futures contract (1910) offers closed at RMB 3,948/mt ($574/mt) at Shanghai Futures Exchange, down $12/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

Rebar and wire rod prices in the Chinese domestic market have moved upwards due to the rises seen in rebar futures prices at Shanghai Futures Exchange (SHFE) until the middle of the given week. However, rebar futures prices have edged down on July 22, which will exert a negative impact on the rebar and wire rod market. Iron ore prices are still at high levels, providing solid support for rebar and wire rod prices in the spot market. Meanwhile, inventories of rebar and wire rod have increased, reflecting the lack of any significant improvement in demand for these long steel products. It is thought that rebar and wire rod prices will likely fluctuate within a limited range in the coming week.

Wire rod prices in local Chinese market

All prices include 13 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market

All prices include 13 percent VAT and all prices are ex-warehouse

$1 = RMB 6.88