During the week ending November 23, Chinese export offer prices for
rebar have decreased, while
wire rod prices first softened and then increased and are now at the same levels as one week ago. At present, boron-added
rebar offers to Southeast Asia given by Chinese suppliers are at $380-390/mt FOB, while boron-added
wire rod offers from Chinese suppliers to the same destination are at $415-425/mt FOB.
Due to the declines in ferrous metal futures prices in the first part of the past week,
rebar and
wire rod prices in the Chinese domestic market decreased, dragging down the
rebar and
wire rod export offer prices of Chinese steelmakers and traders. However, in recent days ferrous metal futures prices in
China have started to move up again, providing support for
rebar and
wire rod prices in the domestic spot market and in the export market. Meanwhile, Goldman Sachs has made an upward adjustment to its iron ore price forecast for 2017, which will likely exert a positive impact on iron ore prices and on the finished steel market. It is thought that Chinese export offer prices for
rebar and
wire rod will edge up in the coming week.