Local Chinese rebar and wire rod prices move down

During the week ending August 12, 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 August 12, rebar futures contract (1910) offers closed at RMB 3,677/mt ($524/mt) at Shanghai Futures Exchange, down $9/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, ferrous metal futures prices in China have decreased, exerting a negative impact on rebar and wire rod prices in the spot market, with bearish sentiment prevailing among market participants. Inventories of rebar and wire rod have increased, negatively affecting the rebar and wire rod market. At the same time, due to the impact of Typhoon Lekima, demand for rebar and wire rod has been slack. It is expected that rebar and wire rod prices in the Chinese domestic market will soften 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 7.02