During the past week ending March 30, average Chinese domestic rebar and wire rod prices have decreased slightly amid declines in rebar futures prices, while trading activity has been decent for lower-priced materials.
The average rebar price has decreased by RMB 10/mt ($1.4/mt) compared to March 23, while the average 6.5 mm HPB 300 wire rod price has declined by RMB 10/mt ($1.4/mt). Rebar prices have risen by RMB 7/mt ($1/mt) compared to the previous trading day, March 27.
During the given week, rebar and wire rod prices have seen slight decreases, but the correction was rather small and has not been assessed as a negative trend. Downstream users and traders have been restocking cautiously, limiting the upward momentum of rebar and wire rod prices seen in the previous week. But in general demand for rebar and wire rod from downstream users has gradually improved, resulting in decreasing inventories and easing the financial pressure on the traders’ side. At the same time, some steelmakers have implemented maintenance works, reducing the production of rebar and wire rod, which will bolster prices to a certain degree. It is thought that rebar and wire rod prices in the Chinese domestic market may edge up slightly in the coming week.
As of March 30, rebar futures at Shanghai Futures Exchange are standing at RMB 3,139/mt ($455/mt), decreasing by RMB 15/mt ($2.2/mt) or 0.5 percent since March 23, while up 0.58 percent compared to the previous trading day, March 27.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,180 | 459.4 | 10 | 0.3 |
| Guangzhou | 3,440 | 497.0 | -10 | -2.7 | |
| Shanghai | 3,150 | 455.1 | -30 | -5.5 | |
| Average price | 3,257 | 470.5 | -10 | -2.7 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,690 | 533.1 | 0 | -1.4 |
| Guangzhou | 3,740 | 540.3 | -10 | -2.9 | |
| Shanghai | 3,610 | 521.5 | -20 | -4.3 | |
| Average price | 3,680 | 531.6 | -10 | -2.8 | |
| 8 - HPB300 | Beijing | 3,470 | 501.3 | 0 | -1.3 |
| Guangzhou | 3,680 | 531.6 | -10 | -2.8 | |
| Shanghai | 3,380 | 488.3 | -20 | -4.2 | |
| Average price | 3,510 | 507.1 | -10 | -2.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.9223
