Local Chinese rebar and wire rod prices move upwards

Monday, 24 June 2019 14:49:47 (GMT+3)   |   Shanghai
       

As of June 24, average prices of Chinese domestic rebar and wire rod have increased week on week, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On June 24, rebar futures contract (1910) offers closed at RMB 3,940/mt ($573/mt) at Shanghai Futures Exchange, up $38/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

At the beginning of the given week, due to sharp declines seen in semi-finished steel prices and slack demand, rebar and wire rod prices in spot market decreased. Later in the given week, rebar futures prices at Shanghai Futures Exchange (SHFE) rebounded, exerting a positive impact on rebar and wire rod prices in the spot market. Meanwhile, steelmakers’ profitability has shrunk, resulting in some reductions in rebar and wire rod outputs, while the high levels of iron ore prices will continue to negatively impact production of rebar and wire rod. Furthermore, demand for rebar and wire rod is expected to remain slack. It is expected that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.

Wire rod prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

Wire Rod

8 mm dia.

HPB300

Shanghai

Shente

4,190

609

↑90

Beijing

Hebei Steel

4,560

663

↑90

Guangzhou

Shaoguan Steel

4,300

625

↑80

Average

-

4,350

632

↑87

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

4,190

609

↑90

Beijing

Hebei Steel

4,700

683

↑90

Guangzhou

Shaoguan Steel

4,350

632

↑80

Average

-

4,413

641

↑87

 

All prices include 13 percent VAT and all prices are ex-warehouse.

 

Rebar prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly Change 

(RMB/mt)

HRB400 Rebar

20 mm dia.

HRB400

Shanghai

Shente

3,950

574

↑90

Beijing

Hebei Steel

3,790

551

↑70

Guangzhou

Shaoguan Steel

4,150

603

↑80

Average

3,963

576

↑80

 

All prices include 13 percent VAT and all prices are ex-warehouse

$1 = RMB 6.88


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