During the week ending April 24, Chinese export offer prices for rebar and wire rod have moved down. At present, rebar offers given by Chinese suppliers are at $510-520/mt FOB, while wire rod offers are at $540-550/mt FOB.
During the given week, inventories of rebar and wire rod in China have decreased, though at a slower pace, reflecting the ongoing good demand from the downstream construction sector. Currently, overall supply of rebar and wire rod is at relatively high levels, which exerts a negative impact on rebar and wire rod prices. Meanwhile, iron ore prices have decreased as Vale’s Brucutu mine has received approval for resuming production, and this has also had a negative influence on finished steel prices. It is thought that rebar and wire rod prices from China will likely soften further in the coming week.
|
Product name |
Quality |
Spec. |
Price ($/mt) FOB |
Weekly change ($/mt) |
|
ASTM A615 |
20 mm |
515 |
↓10 |
|
|
SAE1008-1010 |
7-8.5 mm |
545 |
↓10 |