Local Chinese rebar and wire rod prices move up in most regions

As of December 11, Chinese domestic rebar and wire rod prices have moved upwards in most regions of the country, though decreasing in northern China, week on week, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On December 11, rebar futures contract (1805) offers closed at RMB 3,912/mt ($591/mt) at Shanghai Futures Exchange, down $22/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

In the first part of the given week, rebar futures prices at Shanghai Futures Exchange (SHFE) moved down, negatively affecting rebar and wire rod prices in the spot market. Meanwhile, demand did not show any improvement and transaction activity slackened, contributing to the downward pressure on rebar and wire rod prices. However, in the latter part of the given week, some supply shortages and decreases in inventories provided support for rebar and wire rod prices. In addition, rebar futures prices edged up again in the past two trading days. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways 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