China wire rod export offers increased sharply by USD 20-25/MT for week 32.
The fresh export offers for the week are assessed at USD 510-515/MT which was USD 490-500/MT a week ago.
The strict inspections to determine whether any mill is still producing substandard steel might push long steel prices further up owing to shortage of material.
Export offers also moved up in line with gain in domestic market and futures. The domestic/Spot offers moved up by RMB 110-120/MT (USD 16-18) W-o-W.
Shagang Steel raised their long steel offers: For duration of 1-10 August 2017, China’s one of the large steel maker Shagang group raise the offer for rebar (HRB 400) and Wire rod (HPB300) by RMB 50/MT (USD 7). The fresh offers stood at RMB 4,000/MT (USD 593)for rebar and wire rod at RMB 3,890/MT (USD 576).
Other Global Market
CIS exports: In line with rise in Chinese Wire and billet offers, CIS wire rod export offers also went up by USD 5/MT to USD 495-500/MT.
As per the trade participants in the CIS regions there is shortage of raw and semi finished products which are enabling the prices for finish steel to move up.
South East Asian Imports: South East Asian imports also registered a sharp hike in the offers owing to rise in global offers. It marked a hike of USD 5/MT in a week’s duration to USD 505-510/MT, CNF India
India Export Offers: Indian exporters are also becoming active in the global market due to the competitive prices and higher export offers from Chinese suppliers. As per SteelMint’s assessment, the fresh offers are gauged around USD 470-480/MT, FoB India.
Source: SteelMint Research
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