Chinese Wire rod market remained bearish in week 20 with the stability in the exports offers and volatility in the spot market.
The fresh offers of Chinese Wire Rod are assessed at USD 420-425/MT FoB, which is similar against offers during Week 19.
Chinese spot market remained volatile. The prices for 8 mm wire rod (Q235) are assessed at USD 519/MT (RMB 3,580/MT) in Shanghai down by USD 5/MT (RMB 30) where in the Beijing offers witnessed hike of USD 9/MT (RMB 60), stood at USD 561MT (RMB 3,870/MT), W-o-W.
The falling billet prices and sluggish demand are directly affecting the finish long prices in the Chinese market.
Buyers showed little interest in booking in the past week seeing the soft market in China, said market participants.
Increased inventories is also playing the key role for the decline in the spot market prices
South East Asian Countries: South East Asian countries registered a marginal hike in the prices of USD 3/MT, with current offers at USD 425-430/MT, CFR. The positive movement in the price is due to improve demand for the product.
Global Wire Rod offers as on 10 May’17 (Week 20)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) |
420-425 |
0 |
| CIS export (FoB Black Sea) |
435-440 |
0 |
| South East Asia (CFR) |
425-430 |
+3 |
Prices in USD/MT, USD 1= RMB 6.89
Source: SteelMint Research
Leave a Reply