Local Chinese rebar and wire rod prices move on soft trend

During the week ending March 12, average prices of Chinese domestic rebar and wire rod have declined, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On March 12, rebar futures contract (1805) offers closed at RMB 3,709/mt ($587/mt) at Shanghai Futures Exchange, down $37/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, demand has not improved in line with expectations, while inventory levels in the spot market have increased significantly, exerting a negative impact on rebar and wire rod prices. Currently, rebar and wire rod prices in the domestic market are lower than the cost prices at which traders built up their stocks ahead of the Chinese New Year holiday and so traders are unwilling to reduce their prices further. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move upwards in the coming week. 

Wire rod prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse

Rebar prices in local Chinese market 

All prices include 17 percent VAT and all prices are ex-warehouse.

$1 = RMB 6.32