Chinese market has seen a sharp hike in wire rod prices. The price increase is about USD 20/MT and currently hovering in the range of US 455-460/MT FoB main port.
The Chinese domestic market see’s the price hike consecutively for the second week. Domestic prices for 8 mm wire rod (Q235) were assessed at USD 560 /MT (RMB 3,850/MT) in Shanghai & at USD 574/MT (RMB 3,950/MT) in Beijing.
As per SteelMint there are speculations and expects the price to go down slightly from current levels as trade activity is average on this price.
In the similar line, other international markets like South East Asian import offers remain firm. While, CIS export offers gained momentum by USD 13/MT in the same duration and currently in the range of USD 425-430/MT. CIS-origin wire rod export prices continued to increase over the past week, following rise in the global long products market, in particular from China.
Indian Domestic Overview
The price increase in wire rod in India is about INR 1,300-1,400/MT (USD 19-21/MT) in the last week duration. Currently, offer for 5.5mm Wire Rod in Central India, Ex- Raipur at INR 29,800/MT and East India, Ex-Durgapur at INR 28,000/MT.
Market participants stated that there is average demand for the product and also due to increase in Raw material prices, the finish long prices are increasing.
Wire rod prices in Week 08 (as on 18 Feb’17)
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 455-460 | +20 |
| CIS export (FoB Black Sea) | 425-430 | +13 |
| South East Asia (CFR) | 430-440 | 0 |
| India Domestic (East region) | 415-420 | +20 |
Prices in USD/MT, USD 1= RMB 6.88
Source: SteelMint Research
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