Local Chinese rebar and wire rod prices mostly fluctuate in downward direction

As of April 29, average prices of Chinese domestic rebar and wire rod have mostly moved down on week-on-week basis, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On April 29, rebar futures contract (1910) offers closed at RMB 3,777/mt ($561/mt) at Shanghai Futures Exchange, down $1/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

While rebar and wire rod prices in China had moved upward early in the past week, they subsequently indicated a downward correction as downstream users were unwilling to accept higher prices. However, in the past two trading days, demand for rebar and wire rod has improved as construction sites have replenished stocks ahead of the Labor Day holiday (May 1-4), resulting in upward movement of prices, though current average prices are lower compared to one week ago. In the given week, inventory levels of rebar and wire rod have continued to decrease, albeit at a slower pace, and this still provides support for rebar and wire rod prices. At the same time, rebar and wire rod outputs have increased, which will eventually exert negative pressure on prices. Participants in the rebar and wire rod market are cautious on the prospects for the market in the coming period. It is expected that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the week ahead.

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 6.73