During the week ending November 4, Chinese export offer prices for wire rod have indicated a decreasing trend, though rebar export prices have remained relatively stable. At present, boron-added rebar offers to Southeast Asia given by Chinese suppliers are at $260-270/mt FOB, while boron-added wire rod offers given by Chinese suppliers to the same destination are at $290-300/mt FOB.
Higher wire rod export prices have resulted in increased supply from Chinese exporters, resulting in subsequent declines in wire rod export prices. The expectation that China’s consumption of finished steel will slow down has exerted a negative impact on the finished steel market. Meanwhile, iron ore prices will likely move on a soft trend in the long term. It is expected that rebar and wire rod export offer prices from China will move on a slight downtrend in the coming period.