Chinese wire rod export offers continues to strengthen in Week 27 amid gain in futures.
Export offers rose around USD 5/MT to USD 455-460/MT, FoB China even though bearish sentiments prevailing global market.
However, Chinese domestic wire prices remained remained on declining mode owing to the subdued demand on seasonal slowdown construction activities in the country.
The spot offers are witnessed at RMB 3,950/MT (USD 580) North Region, Beijing and RMB 3,450/MT (USD 507); down by RMB 190 (USD 27) East Region, Shanghai.
The CIS export offers maintained stability despite weak buying from global buyers, the unaltered offers for the week are evaluated at USD 430-440/MT, FoB Black Sea.
South East Imports also remained stable after the Ramada festival around USD 440-445/MT, CNF India.
Indian Wire Rod Export:
RINL, Vizag Steel a state owned integrated steel producer concluded an export tender for Wire rod around USD 435/MT (ex-mill) to Nepal for size 5.5 & 8 mm.
Source: SteelMint Research
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