In the running week, Wire rod export offers remained stable by China. While, CIS offers registered an uptick. South East Asian offers fall marginally.
Chinese wire rod offers are assessed at USD 455-460 which are same consecutively for 2 weeks.
The China Spot/ domestic market didn’t show much volatility. The prices for 8 mm wire rod (Q235) are assessed at USD 546/MT (RMB 3,760MT) in Shanghai; up by USD 5/MT (RMB 30) & with a stability in the Beijing offers stood at USD 566/MT (RMB 3,900/MT).
Wire Rod market has shown mixed trend in Mar’17 but it is expected to gain momentum in Apr’17. The marginal hike in the domestic price to some extent enhanced the market sentiments. The improvement in the finish long is also due to the hike in Chinese Billet prices for both domestic and exports.
Notably, wire rod inventories in China edged down 1.3 MnT and stood at 10.6 MnT as on 31st March which indicated the gradual improvement in the demand.
Offers in other global market like CIS Export are up by USD 5/MT and assessed around USD 450-460/MT where as the South east Asian imports are marginally down by USD 2/MT and stood at USD 465-470/MT.
Global Wire Rod Offers as on 5 Apr’17 (Week 15)
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 455-460 | 0 |
| CIS export (FoB Black Sea) | 450-460 | +5 |
| South East Asia (CFR) | 465-470 | -2 |
Prices in USD/MT, USD 1= RMB 6.89
Source: SteelMint Research
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