Local Chinese rebar and wire rod prices move up further

During the week ending December 4, Chinese domestic rebar and wire rod prices have continued to move upwards, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On December 4, rebar futures contract (1805) offers closed at RMB 4,056/mt ($613/mt) at Shanghai Futures Exchange, up $32/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 seen significant rises, exerting a positive impact on rebar and wire rod prices in the domestic spot market. Meanwhile, demand has been good, while inventory has been at low levels, with both these factors providing support for rebar and wire rod prices. Currently, there are insufficient supplies arriving in the market. It is thought 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 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 6.62