Ex-China wire rod prices move sideways, local and export demand weakens

Thursday, 12 December 2019 15:51:43 (GMT+3)   |   Shanghai
       

SteelOrbis has been informed that Chinese mills’ wire rod export offer prices have moved sideways at $470-480/mt FOB in the past week. “Demand for wire rod has slackened amid more northern supplies arriving in the southern market, resulting in a sluggish performance in the domestic and export wire rod market, though rising futures prices will add some uncertainties,” a trader said.

Offers for Malaysia-origin wire rod have been heard at $475-480/mt CFR Philippines, stable week on week.

During the given week, major Chinese steelmaker Shagang has cut its offer prices for high-speed wire rod by RMB 150/mt ($21/mt) for mid-December, but has kept its offer prices for rebar stable, signaling bearish sentiment on the future prospects for the wire rod market.

However, as of Thursday, December 12, rebar futures prices at the Shanghai Future Exchange are standing at RMB 3,749/mt ($533.7/mt), increasing by RMB 164/mt ($4.7/mt) or 4.6 percent since December 5. Nevertheless, it is unlikely that wire rod prices have much room to go up further, sources said.   

$1 = RMB 7.025


Similar articles

US domestic wire rod prices still soft

28 Mar | Longs and Billet

Wire rod consumption in Mexico increases 6.5 percent in January

28 Mar | Steel News

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

UAE-based ESA cuts wire rod prices for April despite better demand

28 Mar | Longs and Billet

Asian wire rod market tumbles amid pessimism in China

28 Mar | Longs and Billet

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Local Turkish official domestic wire rod prices follow diverse trends

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet