Local Chinese rebar and wire rod prices indicate diverse trends

Monday, 28 August 2017 14:36:38 (GMT+3)   |   Shanghai
       

During the week ending August 28, Chinese domestic rebar and wire rod prices have indicated diverse trends, while transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On August 28, rebar futures contract (1801) offers closed at RMB 3,932/mt ($594/mt) at Shanghai Futures Exchange, remaining stable on dollar basis week on week due to the fluctuation of the RMB-dollar exchange rate. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below. 

During the given week, rebar prices in Guangzhou have increased, while rebar prices in other regions of the country have declined. At the same time, wire rod prices in eastern and southern China have risen, while wire rod prices in northern China have indicated declines. In the first part of the given week, rebar futures prices in China declined, exerting a negative impact on rebar and wire rod spot prices. In the latter part of the week, rebar futures prices rebounded, thereby providing support for rebar and wire rod prices in spot market. Currently, market participants are cautious on the outlook for market in the coming period. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways or indicate a slight downtrend in the week ahead.

Wire rod prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Wire Rod

8 mm dia.

HPB300

Shanghai

Shente

4,460

674

↑50

Beijing

Hebei Steel

4,500

680

↓20

Guangzhou

Shaoguan Steel

4,700

710

↑100

Average

-

4,553

688

↑43

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

4,460

674

↑50

Beijing

Hebei Steel

4,500

680

↓20

Guangzhou

Shaoguan Steel

4,730

715

↑100

Average

-

4,563

689

↑43

All prices include 17 percent VAT and all prices are ex-warehouse

Rebar prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

HRB400 Rebar

20 mm dia.

HRB400

Shanghai

Shente

4,060

613

↓50

Beijing

Hebei Steel

3,920

592

↓110

Guangzhou

Shaoguan Steel

4,620

698

↑80

Average

4,200

634

↓27

All prices include 17 percent VAT and all prices are ex-warehouse

$1 = RMB 6.62


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