China Chinese wire rod export offers edge up further on strong domestic trends.
The Offers rose around USD 5/MT in a Week’s duration, With fresh offers around USD 550-555/MT FOB main port for Chromium added mesh quality wire rod.
Although Chinese domestic market for wire rod retreats itself after drop in futures and offers reduced marginally by RMB 40/MT (USD 6) is East China, Shanghai to RMB 4,120/MT (USD 616) whereas in North China, Beijing offers increased in same proportion to RMB 4,400/MT (USD 657).
As per the trade participants in China this reduction in offers is not threat to domestic market as persistent strong demand will increase the domestic prices in near term.
CIS Exporters also increase the prices in line with the sharp hike in the domestic offers. The increase in offers by the producers is also supported by the reduced availability of material, rising billet and scrap offers and increase in long steel prices globally. The offers rose around USD 30/MT to USD 550-560/MT, WO-W.
South East Asian import prices also grew momentum on rising global long steel prices but the importers however remained quiet as the offers have touched new heights. The import offers to South East Asian are gauged around USD 565-570/MT; up by USD 30/MT against last Week trade offers of USD 535-440/MT.
Wire Rod Exports from India is also increasing owing to competitive offers from other global market. Recently, RINL, Rastriya Ispat Nigam Ltd, also known as Vizag Steel has concluded an export deal for Wire rod of 16,000 MT around USD 520/MT FOB India. The deal was concluded with offers up by USD 20/MT against the last tender by the same plant last month.
Source Steel Mint powered by Keyvan Jafari Tehrani
