During the week ending June 5, Chinese domestic rebar and wire rod prices have indicated an overall downward trend, while transaction activity in the domestic rebar and wire rod market has been at low levels. On June 5, rebar futures contract (1710) offers closed at RMB 2,939/mt ($432/mt) at Shanghai Futures Exchange, down $58/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
During the given week, rebar and iron ore futures prices in China have indicated significant decreases, contributing to the declining trend in the domestic rebar and wire rod market and to the wait-and-see mood among market players. Currently, rainy weather is widespread in China, while temperatures are high, negatively affecting demand from downstream users. It is thought that rebar and wire rod prices in the Chinese domestic market will continue to soften in the coming week.
Wire rod prices in local Chinese market
Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
8 mm dia. | HPB300 | Shanghai | Shente | 3,730 | 548 | ↓150 | |
Beijing | Hebei Steel | 3,950 | 580 | ↓30 | |||
Guangzhou | Shaoguan Steel | 3,890 | 571 | ↓50 | |||
Average | - | 3,857 | 566 | ↓77 | |||
6.5 mm dia. | HPB300 | Shanghai | Shente | 3,730 | 548 | ↓150 | |
Beijing | Hebei Steel | 3,950 | 580 | ↓30 | |||
Guangzhou | Shaoguan Steel | 3,920 | 576 | ↓50 | |||
Average | - | 3,867 | 568 | ↓77 |
All prices include 17 percent VAT and all prices are ex-warehouse
Rebar prices in local Chinese market
Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
HRB400 Rebar | 20 mm dia. | HRB400 | Shanghai | Shente | 3,670 | 539 | ↓140 |
Beijing | Hebei Steel | 3,590 | 527 | ↓130 | |||
Guangzhou | Shaoguan Steel | 4,000 | 587 | ↓80 | |||
Average | - | 3,753 | 551 | ↓117 |
All prices include 17 percent VAT and all prices are ex-warehouse
$1 = RMB 6.81