SteelOrbis has been informed that Chinese wire rod export offer prices have moved down by $10/mt during the past seven days to $450-460/mt FOB.
However, export offers for Malaysia-origin wire rod have also softened, losing $10-15/mt. The tradable levels for Malaysian-origin wire rod have been heard at $455-460/mt CFR Philippines, with some tonnages being traded recently.
During the given week, major Chinese steelmakers, including Jiangsu Shagang Group and Hesteel, have kept their ex-works prices for wire rod stable due to the better situation in the segment compared to the rebar market and due to reduced supply caused by maintenance works. Since construction has started on many infrastructure projects in several provinces in China, demand for steel will likely improve gradually and prevent long steel prices from declining further.
Rebar futures at the Shanghai Future Exchange stand at RMB 3,318/mt ($469.3/mt) on Thursday, October 24, decreasing by RMB 6/mt ($0.85/mt) or 0.18 percent since October 17.
$1 = RMB 7.0727