Monthly Wire Rod and Rebar Market Report Oct 2021
2021-11-09 17:26:36 【Print】
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1. Market Highlights
Discouraged by the weakening demand from downstream industries and the government's measures on pushing down raw materials' prices, wire rod and rebar prices in Chinese major markets dropped about RMB400/t (USD63/t) and RMB500/t (USD78/t) respectively this month. The markets cooled down gradually and traders promoted sales by cutting prices one after another, losing confidence in the coming market. Stocks kept going up, bringing much pressure to steel mills, which began to bear losses by the end of the month. Due to the price decline in domestic market, Chinese exporters had to cut prices accordingly. However, the export prices did not fall as much as domestic prices did as overseas market prices kept firm.
In the international market, wire rod and rebar prices in some Asian countries such as Malaysia and India moved up supported by the demand recovery and reduced supply due to increasing export.
Discouraged by the weakening demand from downstream industries and the government's measures on pushing down raw materials' prices, wire rod and rebar prices in Chinese major markets dropped about RMB400/t (USD63/t) and RMB500/t (USD78/t) respectively this month. The markets cooled down gradually and traders promoted sales by cutting prices one after another, losing confidence in the coming market. Stocks kept going up, bringing much pressure to steel mills, which began to bear losses by the end of the month. Due to the price decline in domestic market, Chinese exporters had to cut prices accordingly. However, the export prices did not fall as much as domestic prices did as overseas market prices kept firm.
In the international market, wire rod and rebar prices in some Asian countries such as Malaysia and India moved up supported by the demand recovery and reduced supply due to increasing export.
