Chinese rebar and wire rod export prices move sideways

During the week ending July 31, Chinese export offer prices for rebar and wire rod have continued to move on a stable trend. At present, rebar offers given by Chinese suppliers are at $500-510/mt FOB, while wire rod offers are at $520-530/mt FOB.

During the given week, the inventory levels of rebar and wire rod in China have increased, exerting a negative impact on rebar and wire rod prices. However, the high prices of iron ore have bolstered rebar and wire rod prices. At the same time, the very hot weather conditions have negatively affected construction activities, resulting in a slackening of demand for rebar and wire rod. It is expected that rebar and wire rod export prices from China will continue to move sideways in the coming week.