It is reported that Chinese rebar and wire rod prices saw small rebound. In Shanghai, HRB335 20mm rebar goes at 3130 per tonne to 3140 per tonne; HRB400 grade material is posted at CNY 3170 per tonne to CNY 3210 per tonne up CNY 30 per tonne and CNY 20 per tonne respectively from last Friday.
Prices for commercial wire rod keep flat at CNY 3110 per tonne to CNY 3120 per tonne. Hi-speed material prices remain unchanged at CNY 3130 per tonne to CNY 3150 per tonne.
Taking Shanghai price for HRB335 20mm rebar as benchmark, there would no further room for further decrease as long as CNY 3000 per tonne support holds. Decisive break of CNY 3000 per tonne will bring further drop and test CNY 2800 per tonne.
Export market remains quiet. Offer for alloyed rebar goes at USD 460 per tonne to USD 480 per tonne FOB. Boron added wire rod goes at USD 490 per tonne to USD 520 per tonne FOB.