Since couple of weeks, the Chinese market is continuously declining due to weak demand from both domestic & global buyers.
The fresh Chinese Wire Rod export offers are reported at USD 435-440/MT, FoB Main Port plunge by USD 10/MT, W-o-W.
In line with the reduction in the export offers, low buying interest on pessimism prevailing in spot market a sharp downtick was registered in the domestic wire offers.
The domestic prices for 8 mm wire rod (Q235) are assessed at RMB 3,950/MT (USD 580); down by RMB 10/MT (USD 2) in Beijing, Northern Region and RMB 3,640/MT (USD 535), plummet by RMB 250/MT (USD 36) in Shanghai, Eastern Region.
On contrary, the South East Asian Imports offer strengthened marginally by USD 3/MT even though the trades are quite weak on persuing Ramada festival. The fresh offers are assessed at USD 460-465/MT, CNF India
CIS export offers remained unaltered for the week despite low buying interest from other nation’s buyers amid falling Chinese export offers. Present offers are gauged at USD 435-440/MT.
Global Wire Rod Export offers till 6 Jun’17 (Week 24)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) |
435-440 |
-10 |
| CIS export (FoB Black Sea) |
435-440 |
0 |
| South East Asia (CFR) |
460-465 |
+7 |
Prices in USD/MT, USD 1= RMB 6.80
Source: SteelMint Research
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