China: Wire Rod Export offers Firm despite Fall in Spot Prices
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In spite of bullish trends amid price corrections in spot market, the Chinese wire rod export offers remain unaltered at USD 445-450/MT FoB main port, W-o-W.
Vietnam based buyers are heard to have book small quantity at USD 450/MT from North East China.
Moving to the spot market, it showed some correction in the prices as the futures drop further on opening of market after Dragon Boat Festival.
The domestic prices for 8 mm wire rod (Q235) are assessed at RMB 3,960/MT (USD 577); down by RMB 20/MT (USD 3) in Beijing, Northern Region and RMB 3,890/MT (USD 567); plummet by RMB 80/MT (USD 11) in Shanghai, Eastern Region.
CIS export offers showed some sign of improvement with a marginal increase of USD 5/MT, to fresh offers at USD 435-440/MT.
South East Asian Import offers strengthen by USD 10-15/MT, with current offers at USD 450-460/MT.
USA Import offers for wire rod are firm at USD 485-490/MT. Although, there are anticipation that prices to come down anytime soon. Hence, buyers are optimistic to place orders for June.
USA imports numbers are fading due to certain protective measures which have come into force to protect the domestic steel Industry.
Global Wire Rod Offers as on Week 23 (31 May)
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 445-450 | 0 |
| CIS export (FoB Black Sea) | 430-440 | +5 |
| South East Asia (CFR) | 435-440 | +10 |
| US Imports Offers | 485-495 | 0 |
Prices in USD/MT, USD 1= RMB 6.86
Source: SteelMint Research
