Local Chinese rebar and wire rod prices move up

During the week ending March 4, 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 March 4, rebar futures contract (1905) offers closed at RMB 3,811/mt ($569/mt) at Shanghai Futures Exchange, up $19/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 and wire rod prices have moved on an overall upward trend as downstream users have resumed construction activities, boosting demand for rebar and wire rod. Meanwhile, rebar futures prices at Shanghai Futures Exchange (SHFE) have risen, exerting a positive impact on the rebar and wire rod market. Although production has increased, inventories held by rebar and wire rod producers have decreased due to the orders received from downstream users. It is expected that rebar and wire rod prices in the Chinese domestic market will move 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 6.70