Local Chinese rebar and wire rod prices indicate downward trend

During the week ending September 25, Chinese domestic rebar and wire rod prices have continued an overall downtrend, while transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On September 25, rebar futures contract (1801) offers closed at RMB 3,603/mt ($546/mt) at Shanghai Futures Exchange, down $33/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below. 

During the given week, rebar futures prices in China have declined significantly, exerting a negative impact on rebar and wire rod prices in the domestic spot market. Rebar and wire rod inventory levels in the spot market have decreased slightly, while steelmakers’ inventories have risen by a small margin, with their outputs of rebar and wire rod increasing slightly. As the National Day Holiday (October 1-8) is approaching, downstream users will likely seek to build up some inventories, which will provide some support for rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move on a stable trend in the coming week.

Wire rod prices in local Chinese market

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

Rebar prices in local Chinese market

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

$1 = RMB 6.62