China's wire rod export market and its domestic market are gradually diverging, and weaker domestic market prices have not affected the firmness of export offers, Kallanish notes.

Most mill offers in the market are concentrated at around $660/tonne fob China, while some steel mills in eastern China are holding offers at around $670-680/t fob China. Some deals were concluded at $660/t fob and will be sent to buyers in South Korea and South America. Compared with last week, both offers and transaction prices have increased, and the wire rod export market has maintained a positive trend.

Some HBP 300 grade wire rod from Tangshan was also sold at $610/t cfr Manila. Offers rose to $615-620/t cfr Manila this week, traders observe. However, due to the uncertainty of the Hebei coronavirus epidemic, it is unknown whether these products can be shipped on time.

On Thursday, 6.5mm diameter mesh-grade wire rod was assessed at $660/t fob China, up by $10/t from the previous assessment.