Chinese wire rod export offers down in the first full trading week after the week long lunar New Year holidays in the Country. The prices are down by USD 10/MT and stood at USD 435-440/MT FoB main port.
Further in the Chinese domestic market there is a sharp price rise in Wire Rod by USD 40/MT. Domestic prices for 8 mm wire rod (Q235) were assessed at USD 534/MT (RMB 3,690/MT) in Shanghai & at USD 535/MT (RMB 3,700/MT) in Beijing.
As per the sources the prices might remain firm in the China’s markets as there is an increase in inventories as trade activities were not much healthy on sharp increased prices by the suppliers.
In the similar line, other international markets like CIS export offers remain firm. While, South East Asian import offers fell by USD 8-10/MT in the same duration.
Indian Domestic market
Indian MS wire producers are reeling under pressure over little inquiries for the product. As a result, during the last week, prices in Central & East India have reported another fall up to INR 500/MT (USD 7).
The offer price for Wire rod (ex-works) have reported at INR 28,400/MT (USD 425) in Central India & INR 26,600-26,700/MT (USD 400) in East region. The mentioned prices are till 13 Feb’17.
Global wire rod prices in week 07 (06-12th Feb’17)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 435-440 | -10 |
| CIS export (FoB Black Sea) | 410-420 | 0 |
| South East Asia (CFR) | 430-440 | -10 |
| India Domestic (East region) | 400-405 | – 7 |
Prices in USD/MT, USD 1= RMB 6.88
Source: SteelMint Research
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