Local Chinese rebar and wire rod prices move down

During the week ending January 7, average prices of Chinese domestic rebar and wire rod have softened, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On January 7, rebar futures contract (1905) offers closed at RMB 3,520/mt ($514.0/mt) at Shanghai Futures Exchange, up $13/mt compared to two weeks ago. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

During the given week, demand for long steel has been slack, especially in southern China, resulting in decreases in rebar and wire rod prices. Following the New Year holiday, inventories of rebar and wire rod are at relatively high levels, exerting a negative impact on the rebar and wire rod market. Later in the given week, rebar futures prices at Shanghai Futures Exchange (SHFE) edged up, providing some support for 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 move sideways 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 6.85