China: Wire Rod Export Offers Increase Further on Strong Domestic Growth
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Prevailing good sentiments and demand in spot market, the Chinese wire rod export offers have gone up progressively.
The fresh offers for the wire rod exports are around USD 445-450/MT; up by USD 15-20/MT from last week trades.
The Chinese spot wire rod market also registered a sharp hike in a week's duration by RMB 80-360 (USD 11-50).
The domestic prices for 8 mm wire rod (Q235) are assessed at RMB 3,980/MT (USD 580); up by RMB 80/MT (USD 11) in Beijing, Northern Region and RMB 3,970 /MT (USD 578) with an increase of RMB 360/MT (USD 50) in Shanghai, Eastern Region.
Seeing this sharp hike in the Eastern Region the large steel maker based in East China; Shagang also increased the prices for the long steel by RMB 300/MT (USD 44). Current offers for HRB400 rebar at RMB 3,750/MT (USD 545) for rest of May period (21-31 May).
Other Global Markets remained volatile. South East Asian Imports strengthened this week by USD 5/MT with current offers at USD 435-445/MT. While, the CIS export offers declined from past trade by USD 5/MT with present offers at USD 430-440/MT.
Global Wire Rod Offers as on Week 22 (till 24 May)
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 445-450 | +20 |
| CIS export (FoB Black Sea) | 430-440 | -5 |
| South East Asia (CFR) | 435-440 | +5 |
Prices in USD/MT, USD 1= RMB 6.87
Source: SteelMint Research
