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JOIN WIN STEEL recently learned that although the recent customs investigation has provided some support for domestic trade demand, overall demand still lacks price support. In order to maintain the operation of steel mills' funds, some Chinese steel CR900T/700Y-MS steel mills plan to export wire rods at low prices. Currently, the quoted price for wire rods with a specification of 6.5mm is $515/ton CFR Singapore. I heard that there is a transaction at a price of 512-515 USD/ton CFR Singapore. But some market participants in Singapore have also expressed that some Chinese steel mills are unwilling to sell at such low prices, and are currently operating at a loss and under pressure. A steel mill in the north has stated that although recent customs investigations have provided some support for domestic trade demand, the driving force behind the increase in wire rod prices is still insufficient.
The overseas wire market activity is also sluggish, and CR900T/700Y-MS steel prices are difficult to recover. It is heard that Malaysian steel mills have quoted $521-522 per ton to the Philippines, and China has quoted $530 per ton to CFR Southeast Asia. I heard that a small batch of 3000 tons of Chinese wire resources were exported to Africa at a price of $515 per ton FOB. However, no transactions have been heard in the Southeast Asian market yet.
Considering the continued poor demand from domestic and overseas buyers in China, JOIN WIN STEEL expects the export prices of Chinese CR900T/700Y-MS steel wire to fluctuate and remain stable in the short term.
