During the week ending February 17, rebar and wire rod prices in the Chinese domestic market have maintained their weak trend, while transaction activity has still not indicated any improvement. On February 17, rebar futures contract (1405) offers closed at RMB 3,455/mt ($565/mt) at Shanghai Futures Exchange, increasing by $6/mt as compared to the previous week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
In the given week, trading in the local Chinese rebar and wire rod market has been slack as construction sites have not yet resumed normal activity levels. Due to the lack of improvement in real demand, traders have been obliged to lower their prices. Meanwhile, poor weather conditions in China have also exerted downward pressure on domestic prices of rebar and wire rod. Currently, mills are trying to keep their prices stable, though the gradual increase in supply has made it difficult for them to achieve their aim. Overall, it is thought that the prices of rebar and wire rod in the Chinese domestic market are unlikely to show signs of a recovery in the coming week due to bad weather.