What is driving hot-rolled plain round wire rod prices in South and Southwest China?

What is driving hot-rolled plain round wire rod prices in South and Southwest China?
Wire rod prices across South and Southwest China have been swinging in a narrow band, with weekly moves typically between roughly -1.6% and +1.0% across cities like Sanya, Nanning, Guangzhou, Huizhou, Liuzhou, Haikou and Shenzhen. In one recent week the South China wire rod average slipped about 0.5%, while rebar and high line fell similarly, showing the whole long-products complex moving together. Southwest wire rod also eased around 0.6%. The pattern reflects soft end-user demand rather than a supply shock. Wire rod output has climbed steadily, exceeding 160 million tonnes annually, keeping the market well supplied while construction consumption stays cautious.