SteelOrbis has been informed that Chinese mills’ export offer prices for wire rod have risen by $15/mt over the past week and are currently at $475-485/mt FOB. “Though demand for wire rod has slackened amid the approaching Chinese New Year holiday, production of wire rod has also shrunk, bolstering wire rod prices,” a trader said.
Offers for Malaysia-origin wire rod have been heard at $480/mt CFR Philippines, the same level compared to last week.
Anhui Province-based Ma’anshan Iron and Steel has raised its offer prices for high-speed wire rod by RMB 10/mt ($1.4/mt) as of January 8, signaling its positive view of the future prospects for the market as production of wire rod will be negatively affected due to the upcoming holiday.
As of Thursday, January 9, rebar futures at the Shanghai Future Exchange are standing at RMB 3,555/mt ($511.5/mt), increasing by RMB 8/mt ($1.2/mt) or 0.23 percent since January 2.
$1 = RMB 6.95