Chinese steel mills have raised their wire rod prices by RMB600 on average since November. Some steel analysts think the price will keep increasing in year 2008 due to higher production cost.

Therefore, those downstream steel wire producers have forced to increase the prices by around RMB200~400/ton. Under the circumstance, price of wire rod for drawing reached a high level.

China has been holding off their offer to the US market on higher freight. Besides, European and Turkish export prices of wire rod to the US market has reached US$694~717/ton.