During the week ending April 21, rebar and wire rod prices in the Chinese domestic market have indicated a slight correction, while transaction activity has remained at good levels. On April 21, rebar futures contract (1410) offers closed at RMB 3,235/mt ($529/mt) at Shanghai Futures Exchange, down by $20/mt week on week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
Some steelmakers have continued to increase their ex-works prices for rebar and wire rod during the given week. However, following the recent increases recorded in market prices, traders are now more willing to sell materials in order to bring in funds, resulting in a slight downward correction of market prices. The weak trend of coking coal and coke prices has also exerted a negative impact on domestic long steel prices. Meanwhile, demand from downstream users has remained at high levels. It is thought that domestic rebar and wire rod market prices in China may fluctuate on a slightly soft trend in the coming week.