Local Chinese rebar and wire rod prices move up

During the week ending August 13, average prices of Chinese domestic rebar and wire rod have moved on an uptrend, while transaction activity in the overall domestic rebar and wire rod market has been at medium-to-decent levels. On August 13, rebar futures contract (1810) offers closed at RMB 4,345/mt ($632/mt) at Shanghai Futures Exchange, up $14/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, inventories in southern and northern China have significantly declined; bolstering local rebar and wire rod prices. Meanwhile, demand in these regions has been at decent levels, providing certain support to rebar and wire rod prices. Starting from the beginning of the given week, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up, exerting a positive impact on rebar and wire rod prices in spot market. It is expected that rebar and wire rod prices will edge up further in the coming week due to ongoing impact from environmental protection issue.

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 6.88