During the week ending May 18, Chinese export offer prices for rebar and wire rod have continued their overall downtrend. At present, boron-added rebar offers to Southeast Asia given by Chinese suppliers are at $340-350/mt FOB, while boron-added wire rod offers from Chinese suppliers to the same destination are at $360-370/mt FOB.
The downward trend in Chinese domestic rebar and wire rod prices has exerted a negative impact on Chinese export offer prices for rebar and wire rod. Overseas buyers have been seeking to buy Chinese rebar and wire rod at lower prices. It is thought that rebar and wire rod export offer prices from China will likely move sideways in the coming week as the declines in domestic finished steel prices have lost momentum and also given the stable movement of import iron ore prices in China.