Chinese rebar and wire rod export prices move sideways

During the week ending January 16, Chinese export offer prices for rebar and wire rod have moved sideways. At present, rebar offers given by Chinese suppliers are at $470-480/mt FOB, while wire rod offers are at $480-490/mt FOB.

During the given week, as the Chinese New Year holiday (February 2-10) approaches, Chinese traders who export rebar and wire rod have become more cautious and are less willing to make significant changes in their offer prices. Meanwhile, inventories of rebar and wire rod have increased, exerting negative pressure on prices. However, the loosening of restrictions on the real estate market in China has benefited the rebar and wire rod market, with demand after the holiday expected to be better. At the same time, trade negotiations between the US and China have boosted the prospects for Chinese rebar and wire rod exports. It is expected that rebar and wire rod export prices from China will move sideways in the coming week.