Ex-China offers may provide boost for Israeli wire rod market

Demand has remained weak in the Israeli domestic long steel market and market players are waiting for the prices to decline before they start purchasing. Domestic rebar prices are still standing at $735-745/mt delivered to customers and excluding 16 percent VAT, indicating no changes as compared to last week. In the meantime, Turkish-origin rebar offers, which recorded increases of $5-10/mt last week, have remained stable at $630-635/mt CFR.
 
Import wire rod offers to Israel, on the other hand, have moved sideways since last week. Accordingly, ex-Turkey mesh quality wire rod offers are still standing at $630-635/mt CFR. After the Lunar New Year holiday, Chinese market players are expected to announce their new wire rod prices in the coming weeks, which will likely bring about a revival in demand and prices in the Israeli wire rod market.