Wait-and-see mood prevails in local Chinese rebar and wire rod market

Chinese domestic rebar and wire rod prices have increased on week-on-week basis, while transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On May 8, rebar futures contract (1710) offers closed at RMB 3,004/mt ($435/mt) at Shanghai Futures Exchange, up $11/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.

In the first half of the past week, the rebound in semi-finished and finished steel prices in the Chinese domestic market provided strong support for increases in domestic rebar and wire rod prices. However, in the latter part of the week, the Chinese ferrous metal futures market declined significantly, exerting negative pressure on domestic rebar and wire rod prices. Market players are now mostly maintaining a wait-and-see stance towards the future trend of the market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge down slightly in the week ahead.

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