Uptrend persists in Asian wire rod market as ex-China prices rise

Thursday, 05 December 2019 15:28:37 (GMT+3)   |   Shanghai
       

SteelOrbis has been informed that Chinese export offer prices for wire rod from mills have increased $10/mt compared to November 28 and are currently at $470-480/mt FOB. “Local wire rod inventory continued to decrease, though with a slower decreasing pace, providing support to ex-China wire rod prices,” a trader said. Most producers are offering at closer to $480/mt FOB, sources said, as demand from Southeast Asia has revived somewhat.

Offers for Malaysia-origin wire rod have been heard at $480/mt CFR Manila, while bids are mostly at $475/mt CFR.

During the given week, major Chinese steelmaker Shagang has raised its local wire rod prices by RMB 50/mt ($7/mt) for early December, which has provided support for prices in the Chinese wire rod market. 

Nevertheless, it is unlikely that wire rod prices have much room to go up further, sources said. As of Thursday, December 5, rebar futures at the Shanghai Future Exchange are standing at RMB 3,585/mt ($508.5/mt), decreasing by RMB 33/mt ($4.7/mt) or 0.9 percent since November 28.   

$1 = RMB 7.0521


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