China's wire rod export market experienced price reductions this week due to yuan depreciation, exacerbated by ongoing US-China trade tensions. The weakened yuan has impacted export margins and created uncertainty, prompting mills to lower their offers.
As of Thursday, 6.5mm diameter mesh-grade wire rod was priced at $470/tonne FOB China, a $15 decrease from the previous week. The May 2025 rebar contract closed at CNY 3,092/tonne ($423/t), down by CNY 47/tonne week-on-week.
Demand from Southeast Asia softened during the Easter holiday period, adding further pressure. A major northern China steelmaker reduced its wire rod export offer to $470/tonne FOB, with other mills quoting around $465/tonne FOB. Meanwhile, China Customs intensified checks on VAT-evading wire rod exports, limiting ultra-low-priced material and leading traders to focus on direct negotiations with established buyers.
With the holiday period and unresolved geopolitical uncertainties, market volatility is expected to persist.
