Reportedly, the Chinese steel long product manufacturers have cut the export quotes of steel wire further recently as the steel wire prices have dropped in the Chinese domestic market.
It's learned that Shagang's current quotes of high carbon steel wire are at US$590/ton FOB, falling by US$30/ton from US$620/ton FOB in early August.
Shagang said that the export prices of steel wire products have dropped, affected by the price dip in domestic market.
The firm planned to sell 90,000 tons of steel wires in August, higher than 50,000 tons in July.