During the week ending May 11, in the Chinese domestic market rebar and wire rod prices have mostly indicated a rising trend, though rebar prices in Shanghai have moved on a stable trend and some wire rod prices in Beijing and Shanghai have also remained unchanged, while overall transaction activity in the domestic rebar and wire rod market has slackened compared to the previous week, though remaining at decent levels. On May 11, rebar futures contract (1510) offers closed at RMB 2,421/mt ($390/mt) at Shanghai Futures Exchange, up $1/mt week on week.
During the given week, supply volumes of rebar and wire rod from domestic steelmakers have increased, exerting a negative impact on prices of these products in the local market. Meanwhile, rainy weather has affected construction activities in China, causing a slackening of demand for rebar and wire rod. As of May 11, China's central bank has made another cut to benchmark interest rates amid efforts by the Chinese government to stimulate economic development and domestic demand. However, the rainy weather will likely continue to affect real demand for rebar and wire rod against the backdrop of increased deliveries by steelmakers. It is expected that rebar and wire rod prices in the Chinese domestic market will edge down slightly in the coming week.
| Product Name | Spec. | Category | City | Steel Plant/Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| Wire Rod | 8 mm dia. | Q235 | Shanghai | Pingxiang | 2,440 | 393 | 0 |
| Beijing | Hebei Steel | 2,500 | 403 | 0 | |||
| Guangzhou | Shaoguan Steel | 2,600 | 419 | ↓80 | |||
| Average | - | 2,513 | 405 | ↓27 | |||
| Wire Rod | 6.5 mm dia. | Q235 | Shanghai | Pingxiang | 2,400 | 386 | ↓50 |
| Beijing | Hebei Steel | 2,500 | 403 | 0 | |||
| Guangzhou | Shaoguan Steel | 2,650 | 427 | ↓70 | |||
| Average | - | 2,517 | 405 | ↓40 |
Product Name Spec. Category City Steel Plant/Origin Price (RMB/mt) Price ($/mt) Weekly Change (RMB/mt) HRB400 Rebar 20 mm dia. HRB400 Shanghai Pingxiang 2,320 374 0 Beijing Hebei Steel 2,230 359 ↓20 Guangzhou Shaoguan Steel 2,720 438 ↓50 Average - 2,423 390 ↓23
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.21