Local Chinese rebar and wire rod prices mostly indicate upward trend

Monday, 16 October 2017 14:52:14 (GMT+3)   |   Shanghai
       

During the week ending October 16, Chinese domestic rebar and wire rod prices have mostly increased, while prices in Beijing have moved down. Transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On October 16, rebar futures contract (1801) offers closed at RMB 3,824/mt ($580/mt) at Shanghai Futures Exchange, up $21/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, semi-finished steel prices in China surged first after the long holiday, providing support to rebar and wire rod prices. However, demand has failed to improve, dragging down rebar and wire rod prices in the following days. In the middle of the given week, rebar futures prices have bottomed up from low levels, exerting a positive impact on market participants’ sentiment and bolstering rebar and wire rod prices in the spot market. In Northern China, production limit has been implemented among steelmakers due to environmental protection measures, which slackened the demand and negatively affected rebar and wire rod prices in the region. It is thought that rebar and wire rod prices in the local Chinese market will likely edge up in the coming week, except for Northern China as the 19th National Congress of the Communist Party of China is scheduled to begin on October 18.

Wire rod prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Wire Rod

8 mm dia.

HPB300

Shanghai

Shente

4,540

689

↑50

Beijing

Hebei Steel

4,680

710

↓60

Guangzhou

Shaoguan Steel

4,440

674

↑40

Average

-

4,553

691

↑10

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

4,540

689

↑50

Beijing

Hebei Steel

4,680

710

↓60

Guangzhou

Shaoguan Steel

4,470

678

↑40

Average

-

4,563

692

↑10

 

All prices include 17 percent VAT and all prices are ex-warehouse

Rebar prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

HRB400 Rebar

20 mm dia.

HRB400

Shanghai

Shente

4,050

615

↑80

Beijing

Hebei Steel

3,820

580

↓30

Guangzhou

Shaoguan Steel

4,420

671

↑40

Average

4,097

622

↑30

 

All prices include 17 percent VAT and all prices are ex-warehouse

$1 = RMB 6.59

 


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