Rainy weather impacts demand in local Chinese rebar and wire rod market

During the week ending April 10, Chinese domestic rebar and wire rod prices have moved on a declining trend, while transaction activity in the domestic rebar and wire rod market has slackened and is now at low levels. On April 10, rebar futures contract (1710) offers closed at RMB 3,000/mt ($435/mt) at Shanghai Futures Exchange, down $8/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, most regions in China, especially the eastern and southern regions, have seen rainy weather, which has negatively affected demand for rebar and wire rod, dragging down rebar prices in the spot market. Meanwhile, price corrections have been observed in the Chinese ferrous metal and iron ore markets, exerting negative pressure on domestic rebar and wire rod prices. Since most regions in China will continue to see rainy weather in the coming week, it is thought that rebar and wire rod prices in the Chinese domestic market will likely edge down further in the week ahead.

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