During the week ending January 19, Chinese export offer prices for rebar and wire rod have indicated a declining trend. At present, boron-added rebar offers to Southeast Asia given by Chinese suppliers are at $255-265/mt FOB, while boron-added wire rod offers from Chinese suppliers to the same destination are at $270-280/mt FOB.
The rebounding trend of Chinese domestic finished steel prices has slowed down, negatively affecting domestic steelmakers’ sentiment as regards the prospects for the export market. Accordingly, Chinese steelmakers have cut their export offer prices for rebar and wire rod. Meanwhile, commodity prices have softened, also exerting a negative impact on rebar and wire rod export offer prices. On the other hand, finished steel futures prices have indicated a rising trend, which will likely provide some support for export offer prices. It is thought that rebar and wire rod export offer prices from China will likely move on a stable trend in the coming week.