On W-o-W, Chinese wire rod Export offers saw another hike of USD 12/MT and are assessed at USD 465-475/MT FOB main port.
Wire Rod market experienced an overall increase spurred by buoyant futures market. Wire rod prices ascended by USD 12-18/MT in global market. Moreover, transaction volumes remained flat, according to the trade participants. In spite of price increase during week, market prices had little influence due to lack of support from demand by end of the week.
The Chinese domestic market also see’s a price hike by USD 7 /MT in the last week of the Feb’17. Domestic prices for 8 mm wire rod (Q235) were assessed at USD 565 /MT (RMB 3,890/MT) in Shanghai & at USD 575/MT (RMB 3,950/MT) in Beijing.
Also there are speculations that due to rise in several exports, traders booked these products on expectations of that the prices might go up.
Following the trend, other export offers also noticed a sharp hike. CIS export offers is presently in the range of USD 440-450/MT with a hike of USD 17/MT. In South East Asia, with a hike of USD 18/MT is USD 455-460/MT.
Global Wire Rod Prices as on 25 Feb’17
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 465-475 | +12 |
| CIS export (FoB Black Sea) | 440-450 | +17 |
| South East Asia (CFR) | 455-460 | +18 |
| India Domestic (East region) | 425-430 | +11 |
Prices in USD/MT, USD 1= RMB 6.88
Source: SteelMint Research
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