Mostly upward trends in local Chinese rebar and wire rod market

During the week ending April 16, average prices of Chinese domestic rebar have mostly moved on a rising trend, though some decreases have also been observed in Beijing, while average prices of wire rod have seen rises. Transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On April 16, rebar futures contract (1810) offers closed at RMB 3,357/mt ($534/mt) at Shanghai Futures Exchange, up $2/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, demand for rebar and wire rod has been better in eastern and southern China, resulting in declines in inventory levels and contributing to the price rises in those regions. However, due to trade friction between US and China, some market participants are still lack of confidence on the prospects for the future trend of the market. Following the rises in rebar futures prices at Shanghai Futures Exchange, rebar futures prices have seen declines again on April 16, which will likely exert a negative impact on rebar and wire rod market. It is thought that rebar and wire rod prices in China 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 6.29