SteelOrbis has been informed that Chinese export offer prices for wire rod have moved sideways compared to October 31 and are currently at $450-460/mt FOB, “Since Chinese export offer prices for wire rod are uncompetitive, traders have been inactive in giving offers,” one trader said.
Offers for Malaysia-origin wire rod have been heard at $455/mt CFR Philippines, $5/mt higher week on week.
During the given week, inventory levels of wire rod in local Chinese market have decreased, signaling quite good demand from downstream users. Meanwhile, since many regions have implemented production restriction measures in the winter season, wire rod prices may bottom up, though how long this trend might last is uncertain. Local Chinese wire rod prices have edged up, which will likely provide support for export prices.
As of Thursday, November 7, rebar futures at the Shanghai Future Exchange are standing at RMB 3,418/mt ($488.3/mt), increasing by RMB 51/mt ($7.3/mt) or 1.5 percent since October 31.
$1 = RMB 7.00