Local Chinese rebar and wire rod prices mostly edge up

During the week ending April 22, average prices of Chinese domestic rebar and wire rod have mostly edged up, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On April 22, rebar futures contract (1910) offers closed at RMB 3,773/mt ($562/mt) at Shanghai Futures Exchange, down $9/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

At the beginning of the given week, rebar and wire rod prices in China indicated an overall rising trend while, following the price rises, downstream users have been less willing to conclude purchases. Later in the given week, rebar futures prices at Shanghai Futures Exchange (SHFE) showed a downward correction, exerting a negative impact on rebar and wire rod prices in the spot market. However, in the past two trading days rebar futures prices rebounded, once again providing support for rebar and wire rod prices in the spot market. Consumption of rebar and wire rod inventories has also bolstered prices. However, since rebar and wire rod output has increased, market participants have become more cautious as regards the prospect for the future trend of the market. It is expected that rebar and wire rod prices in the Chinese domestic market will 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 6.71