Chinese wire export offers sharply increased by USD 10/MT; with the current offers at USD 420-425/MT, FoB Main Port.
Wire rod prices increased gradually amid active trading in China’s domestic market. The prices for 8 mm wire rod (Q235) are assessed at USD 524/MT (RMB 3,610/MT) in Shanghai sharply up by USD 23/MT (RMB 160) & in the Beijing offers stood at USD 553/MT (RMB 3,810/MT) with as increase of USD 14/MT (RMB 100), W-o-W.
For export, the traders however were bullish as buyers are not willing to pay that much. According to the sources, the buyers are workable on USD 415-420/MT.
CIS Export offers remained largely unchanged over past week, with no new deals heard but unlike the demand in previous week, offers were said to have higher chances of booking as the Chinese Export offers sharply moved up. Currently the CIS Export offers are gauged at USD 435-440/MT.
The stability was registered in South East Asia with the USD 415-425/MT.
Further to the Indian wire rod exports , there were no fresh deals heard by Indian suppliers. The last exports were done to Nepal from Central region of about 20,000-25,000 MT after the Demonetization.
Global Rebar Prices as on 03 May’17 (Week 19)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) |
420-425 |
+10 |
| CIS export (FoB Black Sea) |
435-440 |
-2 |
| South East Asia (CFR) |
415-425 |
0 |
Prices in USD/MT, USD 1= RMB 6.88
Source: SteelMint Research
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