Local Chinese rebar and wire rod prices mainly increase

As of May 27, average prices of Chinese domestic rebar and wire rod have mostly increased on week-on-week basis, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On May 27, rebar futures contract (1910) offers closed at RMB 3,842/mt ($557/mt) at Shanghai Futures Exchange, up $10/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 and wire rod prices moved up first due to the uptrend of rebar futures prices at Shanghai Futures Exchange (SHFE), while they softened later as transaction activities weakened, with the average prices of rebar and wire rod mostly higher now compared to one week ago. Rebar and wire rod producers’ outputs have increased in the given week, while inventories of rebar and wire rod have decreased, reflecting the decent demand at present. However, since demand will slacken in the near future, market players are cautious as regards the future prospects for the trend of the rebar and wire rod market. As for the coming week, it is thought that rebar and wire rod prices in the Chinese domestic market will likely fluctuate within a certain range, and may even edge downwards.

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 6.90