Chinese rebar and wire rod export prices remain stable

During the week ending May 22, Chinese export offer prices for rebar and wire rod have moved on a stable trend. At present, rebar offers given by Chinese suppliers are at $500-510mt FOB, while wire rod offers are at $530-540/mt FOB.

During the given week, following the negative reaction to the tariff hike announced by the US on commodities from China, market players have now calmed down and ferrous metal futures prices in China have moved up. However, although inventories of rebar and wire rod have decreased, the decreases have not been as big as had been expected. Steelmakers’ capacity utilization rates are at relatively high levels, exerting a negative impact on the rebar and wire rod market from the supply side. It is expected that rebar and wire rod prices from China will fluctuate within a limited range in the coming week.