During the week ending March 11, average prices of Chinese domestic rebar and wire rod have moved down, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On March 11, rebar futures contract (1905) offers closed at RMB 3,723/mt ($554/mt) at Shanghai Futures Exchange, down $15/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
At the beginning of the given week, rebar and wire rod rose slightly, while demand slackened since the middle of the week, dragging down rebar and wire rod prices in the spot market. Meanwhile, rebar futures prices have softened, negatively affecting the rebar and wire rod market. Due to the environmental protection measures aimed at tackling heavy air pollution in northern China, more local steelmakers have implemented production cuts, easing the pressure on prices from the supply side. Although declines in inventories will positively affect rebar and wire rod prices in the short term, demand still need more time to recover to good levels. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move sideways in the coming week.
Wire rod prices in local Chinese market
Product name |
Spec. |
Category |
City |
Steel plant/origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
8 mm dia. |
HPB300 |
Shanghai |
Shente |
4,050 |
603 |
↓40 |
|
Beijing |
Hebei Steel |
4,450 |
662 |
↓20 |
|||
Guangzhou |
Shaoguan Steel |
4,150 |
618 |
↓10 |
|||
Average |
- |
4,217 |
627 |
↓23 |
|||
6.5 mm dia. |
HPB300 |
Shanghai |
Shente |
4,050 |
603 |
↓40 |
|
Beijing |
Hebei Steel |
4,510 |
671 |
↓20 |
|||
Guangzhou |
Shaoguan Steel |
4,200 |
625 |
↓10 |
|||
Average |
- |
4,253 |
633 |
↓23 |
All prices include 16 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 |
3,840 |
571 |
↓40 |
Beijing |
Hebei Steel |
3,810 |
567 |
↓60 |
|||
Guangzhou |
Shaoguan Steel |
4,220 |
628 |
↓20 |
|||
Average |
- |
3,957 |
589 |
↓40 |
All prices include 16 percent VAT and all prices are ex-warehouse
$1 = RMB 6.72