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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
Shanghai, HRB335 20mm rebar is being quoted at CNY 3420 per tonne to CNY 3430 per tonne; HRB400 grade material is being quoted at CNY 3510 per tonne to CNY 3540 per tonne up by CNY 200 per tonne from last Friday. That for commercial wire rod jumps by CNY 70 per tonne to CNY 3410 per tonne to CNY 3420 per tonne and that for hi-speed material saw an increase of CNY 60 per tonne to CNY 3430 per tonne to CNY 3450 per tonne.

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.

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