During the week ending February 8, Chinese export offer prices for rebar and wire rod have edged up slightly. At present, boron-added rebar offers to Southeast Asia given by Chinese suppliers are at $430-440/mt FOB, while boron-added wire rod offers from Chinese suppliers to the same destination are at $445-455/mt FOB.
During the Chinese New Year holiday, the export market has been very quiet. Chinese steelmakers and traders have mostly maintaining wait-and-see stance towards the market. Meanwhile, ferrous metal futures prices in China have indicated fluctuations, with first decreases and then two days of increases seen in the market since the end of the holiday. Rebar and wire rod prices in the domestic spot market have fluctuated within a limited range. The fluctuations in futures prices have reflected a mix of both optimism and pessimism in sentiment towards the rebar and wire rod market. It is thought that Chinese export offer prices for rebar and wire rod will likely move sideways in the coming week.