Local Chinese rebar and wire rod prices mostly increase

During the week ending March 18, average prices of Chinese domestic rebar and wire rod have mostly moved up, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On March 18, rebar futures contract (1905) offers closed at RMB 3,781/mt ($563/mt) at Shanghai Futures Exchange, up $9/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 have moved up due to support from environmental protection measures in northern China. However, rebar futures prices at Shanghai Futures Exchange (SHFE) indicated downward corrections in the middle of the given week, negatively affecting rebar and wire rod prices in the spot market. Demand from downstream users has been good, resulting in decreases in inventories at producers and in the spot market, thus providing solid support for rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely rise further 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 6.71