Local Chinese rebar and wire rod prices move up

During the week ending August 20, average prices of Chinese domestic rebar and wire rod have moved up, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On August 6, rebar futures contract (1901) offers closed at RMB 4,396/mt ($641/mt) at Shanghai Futures Exchange, up $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, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up, exerting a positive impact on rebar and wire rod prices in spot market. Meanwhile, the inventory level in the spot market has been comparatively low, bolstering rebar and wire rod prices. At the same time, steelmakers have increased their ex-works prices for rebar and wire rod for September shipment, providing support to rebar and wire rod prices. Moreover, the supply of rebar and wire rod is expected to decrease due to strict environmental protection measures in the coming period. It is thought that rebar and wire rod prices in the Chinese domestic market will edge up further in the coming week.

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 6.86