Chinese wire rod export market registered a substantial increase in the export offers. Offers drifted swiftly by USD 35/MT in a week’s duration owing to sharp rise in the domestic offers.
The fresh offers for Wire exports are noted around USD 545-550/MT, FoB China Main port. The same offers were last seen in the month of Apr’13
This hike in the offers was supported by sharp hike in the domestic offers inline low availability as the Chinese government is eliminating the production of substandard steel, resulting in supply crunch.
Presently, stockiest are aggressively getting involved in the domestic market owing to higher realization through sale material in the spot market.
During the week, domestic offers marked a sharp hike by RMB 180-250/MT (USD 26-37). The fresh offers are gauged around RMB 4,170/MT (USD 622) in East Region, Shanghai and RMB 4,360/MT (USD 650) in North Region, Beijing.
Source: SteelMint Research
Other Global Market:
– CIS Export offers continue to climb further in line with the rise in billet and scrap offers from Black Sea Basin due to absence of Chinese billets. In a week’s duration the wire offers increase by USD 20-23/MT with latest offers around USD 520-525/MT.
– South East Asian Imports are gaining momentum in the global market due to competitive offers than the Chinese exports. The offers are around USD 535-545/MT on CNF basis up by USD 30-32/MT against last week trades.
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