Wire Rod and Rebar Market Report October 2011
2011-11-02 08:45:29 【Print】
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Prices of wire rod and rebar continued to drop sharply this month dragged by prices downtrend of raw materials. The price of iron ore fine 63.5%min from India went down by USD51/t to USD127-128/t CNF China. In China, the price of iron ore 65%min EXW Chaoyang declined by RMB250/t to RMB1,030-1,040/t (VAT included). Besides, The price of billet declined by RMB290/t to RMB3,910-3,930/t in Tangshan, Hebei Province this month. Dragged by the decreasing production cost, steel mills reduced wire rod and rebar ex-works prices accordingly. For example, Shagang Steel, the most influential long steel maker in East China moved down wire rod and rebar prices by RMB230/t and RMB270/t in total respectively this month. The market performance was unfavorable because buyers all held wait-and-see attitudes towards the coming market. Due to the heavier capital pressure and the coming of the winter, insiders predict that prices of wire rod and rebar are unlikely to rebound greatly next month.
