Local Chinese rebar and wire rod prices mostly increase

During the week ending August 6, average prices of Chinese domestic rebar and wire rod have mostly increased, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On August 6, rebar futures contract (1810) offers closed at RMB 4,224/mt ($618/mt) at Shanghai Futures Exchange, up $12/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, inventories in southern and northern China have decreased, easing pressure from the supply side and bolstering local rebar and wire rod prices. Meanwhile, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up, exerting a positive impact on the rebar and wire rod market. Recently, demand for rebar and wire rod has been good in China, boosting sentiment in the market. It is expected that rebar and wire rod prices in the Chinese domestic market will edge up slightly in the coming week.

Wire rod prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse

$1 = RMB 6.84