Transaction activity improves in local Chinese rebar and wire rod market

During the week ending January 16, Chinese domestic rebar and wire rod prices have indicated an upward trend, while transaction activity in the domestic rebar and wire rod market has been better compared to the previous week and is now at medium levels. On January 16, rebar futures contract (1705) offers closed at RMB 3,375/mt ($489/mt) at Shanghai Futures Exchange, up $47/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, with the increases seen in ferrous metal futures prices in China, rebar and wire rod prices in the Chinese domestic market have indicated upward movement. Meanwhile, China has initiated further investigations in relation to intermediate frequency melting furnaces, contributing to the upward movement of steel prices in the domestic spot market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge up in the coming week.

Wire rod prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse
 
Rebar prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse
 
$1 = RMB 6.90