Local Chinese rebar and wire rod prices move down

During the week ending July 29, 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 medium levels. On July 29, rebar futures contract (1910) offers closed at RMB 3,877/mt ($563/mt) at Shanghai Futures Exchange, down $11/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, Chinese steelmakers’ outputs of rebar and wire rod have decreased slightly due to maintenance works, while inventory levels have increased due to the ongoing slackness of demand. Rebar futures prices at Shanghai Futures Exchange (SHFE) have moved down, exerting a negative impact on rebar and wire rod prices. Currently, the high levels of iron ore prices have bolstered rebar and wire rod prices to some extent. It is expected that rebar and wire rod prices in the Chinese domestic market will edge down in the coming week.

Wire rod prices in local Chinese market

All prices include 13 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market

All prices include 13 percent VAT and all prices are ex-warehouse

$1 = RMB 6.89