As of February 5, average Chinese domestic rebar and wire rod prices have decreased compared to last week amid decreasing futures prices and quiet trading.
The average rebar price has declined by RMB 30/mt ($4.2/mt) compared to January 29, while the average 6.5 mm HPB 300 wire rod price has also seen a decline of RMB 30/mt ($4.2/mt). Rebar prices have remained unchanged compared to Friday, February 2.
During the given week, rebar and wire rod prices in the Chinese domestic market have declined as most market participants have left the market ahead of the Chinese New Year holiday (February 9-16). Production activities have dropped significantly compared to last week, while inventories of rebar and wire rod have risen rapidly, exerting a negative impact on prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move sideways in the coming week and will indicate an increase following the long holiday.
On February 5, rebar futures contract (rb2405) offers closed at RMB 3,833/mt ($540/mt) at Shanghai Futures Exchange, decreasing by RMB 135/mt ($19/mt) or 3.4 percent compared to January 29, while decreasing by 0.08 percent compared to the previous trading day.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
|
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
|
25 - HRB400 |
Beijing |
3,830 |
538.9 |
-50 |
-6.8 |
|
Guangzhou |
4,250 |
598.0 |
0 |
+0.3 |
|
|
Shanghai |
3,890 |
547.3 |
-40 |
-5.4 |
|
|
Average price |
3,990.0 |
561.4 |
-30 |
-4.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
|
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
|
6.5 - HPB300 |
Beijing |
4,450 |
626.1 |
-50 |
-6.8 |
|
Guangzhou |
4,570 |
643.0 |
0 |
+0.3 |
|
|
Shanghai |
4,490 |
631.8 |
-40 |
-5.4 |
|
|
Average price |
4,503.3 |
633.6 |
-30 |
-4.0 |
|
|
8 - HPB300 |
Beijing |
4,270 |
600.8 |
-50 |
-6.8 |
|
Guangzhou |
4,510 |
634.6 |
0 |
+0.3 |
|
|
Shanghai |
4,190 |
589.6 |
-40 |
-5.4 |
|
|
Average price |
4,323.3 |
608.3 |
-30 |
-4.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.107