China's Wire Rod Export Prices Plummet

Chinese wire rod export prices fell this week as unfavorable weather conditions led to insufficient overseas demand and weak domestic purchases.
Offers for low-carbon wire rod (SAE 1008, 6.5mm) from major Chinese producers were lowered by US$25-30/t MoM to US$625-630/t FOB within two weeks. The price of a steel mill in North China is stable at US$650/ton FOB. According to market sources, small steel mills offer USD 600-610/ton FOB. "Since there has been no trade recently, futures have been falling, and steel mills can only cut prices," a Chinese steel mill told Metals Expert.
Meanwhile, purchases in the domestic market have slowed due to severe weather such as torrential rains and a sharp drop in temperatures across China.