Chinese rebar and wire rod export prices move up

During the week ending February 13, Chinese export offer prices for rebar and wire rod have moved up significantly. At present, rebar offers given by Chinese suppliers are at $505-515/mt FOB, while wire rod offers are at $525-535/mt FOB.

Following the Chinese New Year holiday, due to the big rises seen in import iron ore prices, Chinese suppliers are optimistic on the prospects for the future trend of rebar and wire rod export prices and pushed up their offer prices accordingly. However, demand has not improved yet. It is expected that rebar and wire rod prices from China will likely move sideways in the coming week as rebar futures prices at Shanghai Futures Exchange (SHFE) have declined following the big increase seen on the first trading day after the holiday.