Export prices for Chinese wire rod started to fall at a faster pace over the past week, as mills struggled to secure orders for shipments amid limited interest from overseas buyers.
The export offers were registered at USD 435-440/MT, which are USD 20/MT lower than the previous week.
Similarly, the China Spot/domestic market registered a sharp fall amid bearish sentiments. Meanwhile, steel mills also cut ex works prices to pursue higher sales volumes.
The prices for 8 mm wire rod (Q235) are assessed at USD 515/MT (RMB 3,550MT) in Shanghai down by USD 30/MT (RMB 210) & in the Beijing offers stood at USD 548/MT (RMB 3,780/MT) with a fall by USD 17/MT (RMB 120), W-o-W.
Also global export prices for wire rod declined with the appearance of more short-selling offers as exporters grew pessimistic. Current offers are assessed – CIS Export (FoB Russia) at USD 455-460/MT marginally up and South East Asian imports are assessed at USD 455-460/MT with decline in offers by USD 10/MT.
Global Wire Rod Offers as on 12 Apr’17 (Week 16)
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 435-440 | -20 |
| CIS export (FoB Black Sea) | 450-460 | +3 |
| South East Asia (CFR) | 455-460 | -10 |
Ex-Work Prices, 1 USD= RMB 6.89/MT
Source: SteelMint Research
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