Shanghai 30 October 2009 06:45

China has raised its rebar and wire rod export offers on the back of domestic market rebound although export business remains thin, market participants told MB.

Prevailing rebar export offers have returned to $510-520 per tonne fob from $490-500 in mid-October, while wire rod offers have advanced to $520-525 per tonne fob, from $490-510.

"Our export price changes are in line with domestic market sales price. However, the drop in internantional market price would be a threat to exports at the moment," said an export manager at a mill in Guangdong.

"There remains little export business now as Turkey and CIS are quoting at more competitive level," said a source at a steel mill in eastern China.

"Though there are not many exports at the moment, we believe there would be improvement in the future with global economy continuing to recover," said a trader in Shanghai.

In the Chinese domestic market, construction steel prices continue to rebound this week amid warmer market sentiment.

HRB335 rebar in Shanghai is being sold at 3,450 yuan ($505) per tonne, up 40 yuan from early last week, while the wire rod price has risen 70 yuan to reach 3,400 yuan per tonne.