During the week ending June 12, Chinese export offer prices for rebar and wire rod have moved down. At present, rebar offers given by Chinese suppliers are at $490-500/mt FOB, while wire rod offers are at $510-520/mt FOB.
During the given week, Chinese steelmakers’ rebar and wire rod outputs have been at high levels, exerting a negative impact on rebar and wire rod prices from the supply side. However, demand for rebar and wire rod has been quite good as prices softened, easing the downward pressure on prices to some extent. Since southern China is due to enter the rainy season, demand there will shrink in the near future. Following the Dragon Boat Festival holiday (June 7-9), iron ore futures prices at Dalian Commodity Exchange (DCE) have indicated sharp rises due to reports of a supply shortage from Rio Tinto in July and August, and this will provide support for rebar and wire rod prices. It is thought that rebar and wire rod prices from China will edge down slightly in the coming week.
Product name |
Quality |
Spec. |
Price ($/mt) FOB |
Weekly change ($/mt) |
ASTM A615 |
20 mm |
495 |
↓10 |
|
SAE1008-1010 |
7-8.5 mm |
515 |
↓10 |