SteelOrbis has been informed that Chinese mills’ export offer prices for wire rod have risen by $7.5/mt over the past week to $485-490/mt FOB due to bullish sentiment amid rising export offer prices of other steel products against the backdrop of the appreciation of the Chinese currency. “Though export offer prices have seen rises, most traders have halted their activities and are waiting for business after the holiday,” a trader said.
Offers for Malaysia-origin wire rod have been heard at $480/mt CFR Philippines, the same level compared to the previous week.
During the given week, Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has cut its offer prices for high-speed wire rod by RMB 80/mt ($11.6/mt) for January 11-20, signaling its negative view of the prospects for the market, though production halts ahead of the Chinese New Year holiday will provide a certain degree of support for local wire rod prices.
As of Thursday, January 16, rebar futures at the Shanghai Future Exchange are standing at RMB 3,565/mt ($518.1/mt), increasing by RMB 10/mt ($1.5/mt) or 0.3 percent since January 9.
$1 = RMB 6.881