As of April 15, average Chinese domestic rebar and wire rod prices have moved up amid rising rebar futures prices and improved demand from downstream users.
The average rebar price has increased by RMB117/mt ($16.5/mt) compared to April 8, while the average 6.5 mm HPB 300 wire rod price has also seen a rise of RMB 117/mt ($16.5/mt). Rebar prices have edged up by RMB 13/mt compared to the previous trading day, April 12.
During the given week, rebar and wire rod prices have seen big rises amid improved market sentiments. At the same time, rebar futures prices have increased, exerting a positive impact on prices in the spot market. Moreover, speculative demand has also improved, bolstering rebar and wire rod prices. After prices previously moved at relatively low levels, market players have been expecting price increases. Consumption of rebar and wire rod inventories has been proceeding well, also positively affecting prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge up in the coming week.
As of April 15, rebar futures at Shanghai Futures Exchange are standing at RMB 3,616/mt ($509/mt), increasing by RMB 56/mt ($7.9/mt) or 1.6 percent since April 8, while down 0.03 percent compared to the previous trading day, April 12.
Average domestic rebar and wire rod prices in China’s main markets are presented in the tables below:
Rebar prices in local markets
|
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
|
25 - HRB400 |
Beijing |
3,640 |
512.8 |
+130 |
+18.1 |
|
Guangzhou |
3,830 |
539.6 |
+90 |
+12.5 |
|
|
Shanghai |
3,550 |
500.1 |
+130 |
+18.1 |
|
|
Average price |
3,673.3 |
517.5 |
+117 |
+16.2 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
|
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
|
6.5 - HPB300 |
Beijing |
4,170 |
587.5 |
+120 |
+16.7 |
|
Guangzhou |
4,140 |
583.3 |
+100 |
+13.8 |
|
|
Shanghai |
4,160 |
586.1 |
+130 |
+18.1 |
|
|
Average price |
4,156.7 |
585.6 |
+117 |
+16.2 |
|
|
8 - HPB300 |
Beijing |
3,990 |
562.1 |
+120 |
+16.7 |
|
Guangzhou |
4,080 |
574.8 |
+100 |
+13.9 |
|
|
Shanghai |
3,870 |
545.2 |
+130 |
+18.1 |
|
|
Average price |
3,980.0 |
560.7 |
+117 |
+16.2 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0979