Local Chinese rebar and wire rod prices show further upward movement

Monday, 20 November 2017 14:07:55 (GMT+3)   |   Shanghai
       

As of November 20, Chinese domestic rebar and wire rod prices have increased on week-on-week basis, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On November 13, rebar futures contract (1805) offers closed at RMB 3,696/mt ($557/mt) at Shanghai Futures Exchange, down $11/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below. 

In the early part of the given week, rebar prices in the Chinese domestic spot market moved up due to rising rebar futures prices, while they edged down slightly in the latter part of the week as market participants reduced their expectations to some extent of the impact of the winter season production cuts being implemented as of November 15. Inventory levels of rebar and wire rod in the spot market at steelmakers have decreased, with supply shortages seen in some regions. Meanwhile, demand has been quite good. In addition, rebar and wire rod from northern China have not arrived in the southern market, contributing to short supply in the latter market. It is thought that rebar and wire rod prices in the Chinese domestic market will move upwards in the coming week, though with increase margins likely to vary in the different regions.

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

4,510

680

↑30

Beijing

Hebei Steel

4,750

716

0

Guangzhou

Shaoguan Steel

4,650

701

↑60

Average

-

4,637

699

↑30

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

4,510

680

↑30

Beijing

Hebei Steel

4,750

716

0

Guangzhou

Shaoguan Steel

4,680

706

↑60

Average

-

4,647

701

↑30

 

All prices include 17 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

4,190

632

↑50

Beijing

Hebei Steel

4,020

606

↑20

Guangzhou

Shaoguan Steel

4,600

694

↑70

Average

4,270

644

↑47

 

All prices include 17 percent VAT and all prices are ex-warehouse

 

$1 = RMB 6.63


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