Iron Ore Prices Exhibit W-Shaped Rebound, CSC Bar and Wire Rod Prices Expected to Narrow Their Decline

6 月 8, 2023 | TW Screw Industry

Report by Wang,Shang-Yi

International iron ore prices have recently rebounded, causing steel prices in China to rise accordingly. Semi-finished steel products have shown a clear upward trend, and although international demand has weakened slightly, some traders have adjusted their import wire rod prices this week. It is expected that fluctuations will emerge in the international market starting this Friday or next week.

Due to the rise in international raw material prices, the price of small steel billets in China has increased to 3,440 RMB per ton, while the price of Indonesian billets has risen to $520 CIF per ton. Market expectations suggest that wire rod prices will remain high or even increase next week. Another wave of price increases is not ruled out in the wire rod market.

China Steel will open a new price list on June 19th. If the expected price increase takes place next week, the decline in China Steel’s bar and wire rod prices is expected to narrow. Alternatively, adjustments may be made to the sales strategy. Currently, the domestic price of bar and wire rod has not changed significantly, and other suppliers are still waiting for China Steel’s price list.

However, screw manufacturers still believe that even with the recovery in the Chinese market, a price reduction by China Steel is still the market consensus. They recommend reducing prices by as much as necessary to avoid impacting downstream competitiveness. The expected price reduction is still expected to be above 2,000 RMB per ton. Anything lower than this figure is difficult to accept.

The demand for screws has not been optimistic recently. As China Steel’s Q3 bar and wire rod prices are expected to be reduced, foreign customers are also waiting for China Steel’s price list. If China Steel’s bar and wire rod prices do not drop sufficiently, the screw market is concerned that future orders may be shifted to Southeast Asia. Wire rod users hope that China Steel will carefully consider its price list.

According to industry insiders, another factor that could contribute to a smaller price decline is the June price list of Formosa Ha Tinh Steel Corporation. The Vietnamese steel mill in Ha Tinh is expected to release a new price list next week. If Ha Tinh’s price list shows a high or even higher price, the decline in China Steel’s bar and wire rod prices may further narrow.

Coverpicture by PhotoAC

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