On weekly assessment, Chinese wire rod export prices has seen a hike of USD 15/MT in week 10 and currently are at USD 480-490/MT FoB main port.
However, in the domestic market it remained stable for last week. The prices for 8 mm wire rod (Q235) were assessed at USD 568 /MT (RMB 3,910/MT) in Shanghai & at USD 575/MT (RMB 3,950/MT) in Beijing.
As compared to other Long steel, the demand of Wire Rod was quite stable for both Chinese domestic and the export market.
Market participants stated that there were inquiries for the Wire Rod and the inventories are reducing with stable trade. In Beijing on 24th Feb’17 the inventory was recorded at 92.8 MT which reduced to 69.3MT on 3rd Mar’17.
Following the suit South East Asia registered a sharp hike of USD 30/MT to USD 485-490/MT but CIS export offers remained firm at USD 440-450/MT.
Global Wire Rod Prices as on 04 Mar’17
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 480-490 | +15 |
| CIS export (FoB Black Sea) | 440-450 | 0 |
| South East Asia (CFR) | 485-490 | +30 |
Prices in USD/MT, USD 1= RMB 6.89
Source: SteelMint Research
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