Since last few weeks falling iron ore prices now impact steel long price prediction. Buying activity remains low as customers await further price cuts. Most of Chinese longs producers have been forced to make a $10-20/t reduction to foreign buyers over the week. In its turn, TMT Steel manufacturer has come back to the market with offers of wire rod at $670/t FOB, which is $65/t lower than in
end-September.
Chinese traders have lowered prices more dramatically – $20-30/t in a week. Demand for their products is occasionally seen in SE Asia, in the
Philippines in particular. However, some trading companies have withdrawn their export offers due to uncompetitive prices for their products.
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