During the week ending December 19, Chinese domestic rebar and wire rod prices have moved on a declining trend, while transaction activity in the domestic rebar and wire rod market has been at low levels. On December 19, rebar futures contract (1705) offers closed at RMB 3,171/mt ($460/mt) at Shanghai Futures Exchange, down $39/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
During the given week, futures prices in China have indicated a declining trend, exerting negative pressure on rebar and wire rod prices in the domestic spot market. Market players are mostly downbeat as regards the future prospects for the market and have lowered their rebar and wire rod prices. Meanwhile, construction work has slowed down in China amid the current cold winter weather conditions. It is thought that rebar and wire rod prices in the Chinese domestic market will likely indicate downward corrections in the coming week.
Wire rod prices in local Chinese market
| Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| Wire Rod | 8 mm dia. | HPB300 | Shanghai | Shente | 3,550 | 511 | ↓130 |
| Beijing | Hebei Steel | 3,400 | 489 | 0 | |||
| Guangzhou | Shaoguan Steel | 3,880 | 558 | ↑50 | |||
| Average | - | 3,610 | 526 | ↑27 | |||
| Wire Rod | 6.5 mm dia. | HPB300 | Shanghai | Shente | 3,550 | 510 | ↓130 |
| Beijing | Hebei Steel | 3,400 | 489 | 0 | |||
| Guangzhou | Shaoguan Steel | 3,900 | 561 | ↑50 | |||
| Average | - | 3,616 | 520 | ↓26 |
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 | 3,400 | 489 | ↓100 |
| Beijing | Hebei Steel | 3,200 | 460 | ↓100 | |||
| Guangzhou | Shaoguan Steel | 3,900 | 561 | ↑50 | |||
| Average | - | 3,500 | 504 | ↓50 |
All prices include 17 percent VAT and all prices are ex-warehouse
$1 = RMB 6.95