Local Chinese rebar and wire rod prices indicate upward trend

During the week ending October 9, Chinese domestic rebar and wire rod prices have increased, while transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On October 9, rebar futures contract (1801) offers closed at RMB 3,701/mt ($559/mt) at Shanghai Futures Exchange, up $13/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 period, semi-finished steel prices in China have seen sharp rises, exerting a positive impact on rebar and wire rod prices in the Chinese domestic market. Participants in the rebar and wire rod market have increased their offer prices as they mostly hold an optimistic view of the future prospects for the market. Rebar futures prices on Shanghai Futures Exchange (SHFE) have also increased on the first trading day after the long holiday. It is expected that rebar and wire rod prices in the Chinese domestic market will move up slightly 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