Following the surge in spot prices, the Chinese wire rod export offers gain by USD 5/MT to USD 425-430/MT FoB main port. But the overseas buyers seem quite over volatility in the prices.
The China’s spot prices rose by USD 4/MT (RMB 30/MT) for both East & Northern Regions. The current offers are witnessed around USD 524/ MT (RMB 3,610/MT) for Shanghai (East China) and USD 566/MT (RMB 3,900/MT) for Beijing (North region).
This marginal increase in domestic prices was due to the increase in future and domestic Billet prices as well.
Other Global Market:
– CIS Export offers tumble amid weak demand and hoping to get bookings at declined rates as the Chinese export offers have increased. Current Offers are gauged at USD 440-450/MT down by USD 5-10/MT.
– South East Asian Imports are surge by USD 10/MT and stood at USD 430-435/MT.
Source: SteelMint Research
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