In the Week – 11, Chinese Wire Rod offers slightly move downward and stood at USD 480-485/MT FoB Main port registered a fall of USD 2/MT W-o-W.
However, in the domestic market the prices remained stable. The prices for 8 mm wire rod (Q235) were assessed at USD 562 /MT (RMB 3,880/MT) in Shanghai & at USD 571/MT (RMB 3,950/MT) in Beijing.
Spot market remained quite. As per the sources, overhaul plans are released by the several mills which also added the pressure in the finish steel market. These weak sentiments are expected to remain for short term.
However the other global markets saw a hike in same duration. CIS export (FoB Black Sea) rise by USD 3/MT to USD 445-450/MT and South East Asia (CFR) offers stood at USD 485-490/MT with an increase of USD 7/MT; W-o-W.
Indian Domestic Market:
The Indian domestic wire road market saw a boom in a week’s duration with little demand and inclined with increase in prices of raw material (billet). The latest offers are assessed at INR 29,000-29,300/MT (USD 435-440) ex-works, East India, which rose up to INR 1,100/MT (USD 17) W-o-W.
Global Wire Rod Prices as on 11th March (Week 11)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 480-485 | -2 |
| CIS export (FoB Black Sea) | 445-450 | +3 |
| South East Asia (CFR) | 485-490 | +7 |
| India Eastern Region (Ex-works) | 435-440 | +17 |
1 USD = INR 66.67, I USD=6.91 RMB
Sources: SteelMint Research
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