Local Chinese rebar and wire rod prices move upwards

During the week ending November 6, Chinese domestic rebar and wire rod prices have increased, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On November 6, rebar futures contract (1801) offers closed at RMB 3,736/mt ($563/mt) at Shanghai Futures Exchange, up $26/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 in northern China have moved up due to production cuts amid environmental protection measures. Meanwhile, inventories in eastern China have declined, contributing to the price rises there. In southern China, demand for rebar and wire rod has been good, providing support for long product prices. Approaching the winter season, cities will implement stricter environmental protection measures, resulting in reduced rebar and wire rod output. However, some downstream industries will also be impacted, which will exert a negative impact on demand for rebar and wire rod. 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 6.63