Chinese export offers are continuously moving up since last couple of weeks even though the offers in the domestic market are stable.
The fresh export offers for Wire Rod originated from China are gauged at USD 450-455/MT, FoB main port; increased by USD 12/MT than the last week offers.
Chinese domestic wire prices remained stable owing to subdued trades in the domestic market. The offers are witnessed at RMB 3,950/MT (USD 580), North Region, Beijing and RMB 3,640/MT (USD 535) East Region, Shanghai.
China’s crude steel output in May’17 fell from 72.78 MnT in Apr’17 to 72.26 MnT in May’17; down 0.7% M-o-M. Although, Y-o-Y basis it surge by 2.4% against 70.5 MnT in May’16.
Other Global Market:
The South East Asian Imports and CIS exports offers for wire rod remained firm owing to the bullish sentiments on running Islamic holy month. The latest offers are witnessed at USD 440-445/MT and USD 435-440/MT, respectively.
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