Global wire rod export offers rose for week 29 on improved demand. The offers observed uptick by USD 5-12/MT, W-o-W.
Chinese wire rod export offers surge by USD 5/MT, with fresh offers around 475-485/MT, FoB main Port.
Although, Shagang group – China’s largest steel maker has kept the offers unaltered for mid of July 2017.The producer will continue to sell its HRB400 rebar at 3,730 Yuan/MT (USD 548) and HPB300 wire rod at 3,590 Yuan/MT (USD 528) ex-mill. Prices are inclusive of VAT.
Chinese export offers increased owing to rise in billet offers, gain in the domestic wire prices (surge by Yuan 40, USD 6 in last 2 days) and Shanghai Futures which is on rising mode since couple of days.
Following the suit, CIS exporters also raised their offers by USD 12/MT, W-o-W. The fresh offers are gauged around USD 460-470/MT, FoB Black Sea.
South East Asian Imports marked a significant hike by USD 17/MT with offers at USD 480-490/MT than last week trade offers around USD 465-470/MT.
Source: SteelMint Research
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