CIS long steel producers have reduced their rebar and wire rod offer prices for foreign customers because of the downturn in the global long steel markets, notably in China, Fastmarkets heard on Monday November 26.
The domestic rebar price in Eastern China dropped to 3,750-3,780 yuan ($540-544) per tonne ex-works on November 26 from 4,650-4,690 yuan per tonne ex-works on November 1.Recent offers of CIS rebar for production in December were heard at $490 per tonne fob Black Sea, but most customers found this price to be at least $15 per tonne too high in the current market conditions....