During the week ending September 29, rebar and wire rod prices in the Chinese domestic market generally indicated increases, though some slight declines were seen in wire rod prices in certain areas. On September 29, the rebar futures contract (1301) price closed at $573/mt at Shanghai Futures Exchange. Local rebar and wire rod prices in China can be viewed in the SteelOrbis price reports section.
In the eastern region of China, traders of rebar and wire rod have been pushing for price increases amid the tight supply situation in the local market. As many construction projects chose to purchase materials before the National Day holiday (October 1-7), prices of rebar and wire rod in China have generally risen. Traders and mills expect prices of rebar and wire rod in the Chinese market to trend sideways during the holiday, while prices are expected to move up after the holiday.