Chinese construction steel exports stagnate
It is reported that there have been few construction steel exports in October on substantial price drop and weak overseas demand. Steel mills indicate that there probably would be a 70% decrease in export tonnage for November shipment.
Domestic market prices continue to see some rebound. In
Prevailing export offer goes at USD 580 per tonne to CNY 600 per tonne FOB and there are also lower levels at USD 500 per tonne to CNY 550 per tonne FOB. Some are even quoting at USD 480 per tonne to CNY 500 per tonne FOB, however there is still not much order. Official quotations for Wire rod is about USD 600 per tonne FOB and real transaction price is negotiable.