Local Chinese rebar and wire rod prices mostly soften

As of January 21, average prices of Chinese domestic rebar and wire rod have mostly softened on week-on-week basis, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On January 21, rebar futures contract (1905) offers closed at RMB 3,645/mt ($536/mt) at Shanghai Futures Exchange, up $8/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

In the early part of the given week, rebar and wire rod prices softened due to declining trends in prices of semi-finished steel and in rebar futures prices at Shanghai Futures Exchange (SHFE). However, later in the week, rebar futures prices increased, exerting a positive impact on rebar and wire rod prices in the domestic spot market. At the same time, most steelmakers issued increased prices, which were higher than market participants’ expectations, bolstering rebar and wire rod prices in the spot market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely 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 6.80