China’s wire rod export offers marginally rose in a week’s time. While, CIS export offers moved down.
China’s wire rod export offers stood at USD 310/MT FoB main port; have surged slightly by USD 5/MT W-o-W.
Meanwhile, domestic prices for 8 mm HPB 300 high speed wire rod in Shanghai have fallen down by RMB 10/MT (USD 1.5) within a week and stood at around RMB 2,380/MT (USD 362). The same grade material in Beijing is witnessed at around RMB 2,690/MT (USD 410); down by RMB 10/MT (USD 1.5) in the duration.
However, CIS export offers fell by around USD 22/MT in the same period and stood at USD 390/MT.
It is also to be noted that MIP imposed by the Indian Government on bar and rod, including wire rod in early Feb’16 for six months under chapter/HS code 7213, 7214 and 7227 and in the range of USD 449-455/MT, is going to expire in Aug’16.
Global wire rod prices in week 25 (13-19 Jun’16)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 310 | +5 |
| CIS export (FoB Black Sea) | 390 | -30 |
| South East Asia (CFR) | 315 | 0 |
USD 1 = RMB 6.5708
Source: SteelMint Research
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