Chinese wire rod export offers continuously seeing price rally since couple of weeks.
The fresh Chinese wire rod export offers is gauged around USD 470-480/MT, FoB main port with a sharp hike of USD 12/MT, W-o-W.
Coming to domestic market, Chinese spot wire rod offers registered a sharp hike by 210 Yuan (USD 31) in Eastern Region, Shanghai with fresh offers on Tuesday at 3,660 Yuan (USD 539) as the traders are getting better realization in spot market than the exports.
However, Offers in Northern Region, Beijing remained unaltered at 3,950 Yuan (USD 580), W-o-W.
Inline with the small and medium scale players, the giant Shagang group raised their wire offers for HBR300 by 50 Yuan (USD 7) to 3,590 Yuan (USD 350) for the period of 1-10 Jul’17
CIS Export Offers: The fresh offers are up by USD 15/MT to USD 450-455/MT, FoB Black Sea.
The rising Chinese wire rod export offers have forced CIS exporters to surge their offers to match offers by Chinese exporters. The upward movement was also supported by the rise in scrap as well as billet offers.
South East Asian Imports: South East Asian importers have become active in global market after the Ramada Festival; participants are pessimist about the market as their is favorable demand from end user. The fresh offers sharply increase by USD 25/MT at USD 465-470/MT, W-o-W.
Source: SteelMint Research
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