Local Chinese rebar prices mostly follow an upward trend

During the week ending January 28, average domestic prices of rebar in China Chinese have mostly followed an upward trend, with diverse trends seen for wire rod prices, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On January 28, rebar futures contract (1905) offers closed at RMB 3,681/mt ($546/mt) at Shanghai Futures Exchange, up $10/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 producers in northern and eastern China have been seeking to push up their prices, resulting in rises in rebar and wire rod prices in some areas, while rebar and wire rod prices have seen downward corrections in southern China as prices were considered to be at relatively high levels. Rebar futures prices at Shanghai Futures Exchange (SHFE) rose at the beginning of the given week, exerting a positive impact on the domestic rebar and wire rod market. However, demand has been slack as most traders have left the market ahead of the Chinese New Year holiday. It is expected that rebar and wire rod prices in the Chinese domestic market will move on a stable trend in the coming week.

Wire rod prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse

$1 = RMB 6.74