Wire Rod and Rebar Market Report September 2011
2011-10-08 09:09:24 【Print】
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Prices of wire rod and rebar dropped greatly this month because of the price downtrend of raw material. The price of iron ore fine 63.5%min from India went down by USD8/t to USD179-180/t CNF China. In China, the price of iron ore 65%min EXW Chaoyang declined by RMB100/t to RMB1,250-1,260/t (VAT included). The price of billet declined by RMB400/t RMB4,070-4,090/t in Tangshan, Hebei Province this month. Due to the decreasing production cost, steel mills moved down ex-works prices of wire rod and rebar. For example, Shagang Steel, the most influential long steel producer in East China moved down wire rod and rebar ex-works prices by RMB70/t and RMB60/t respectively for the end September delivery. The market performance was unsatisfying this month because buyers all held wait-and-see attitude towards the coming market. Traders were not confident of the future market and in order to avoid the potential risks brought by the further price decline, they had to reduce wire rod and rebar offers to promote sales. Due to the less confidence in the forthcoming market, insiders predict that prices of wire rod and rebar will keep the downtrend next month.
