China's construction long products market rebounded this week, driving a simultaneous surge in domestic and export prices for wire rods, Kallanish notes.

Although export prices have risen rapidly, buyers have been slower to react. There are small orders concluded with Korean buyers this week. South American buyers also continued to place orders with Chinese mills at around $625/tonne fob China as they booked the last deals before Christmas. A northern Chinese mill accepted $630/t bids and then stopped bookings for this week.

Wire rod export offers jumped to $630/t fob China from most mills. However, a steel mill in eastern China raised its offer this week to $670/t fob China due to strong interest.

On Thursday, 6.5mm diameter mesh-grade wire rod was assessed at $625-630/t fob China, up by $30/t from last Thursday.