Posted on 21 Aug 2020
Wire rod import prices remain firm in Southeast Asia, Kallanish notes. Buying interest has been steady in the Philippines but offers seem to have shrunk this week.
Offers for Indonesian blast furnace wire rod are prevailing at $490/tonne cfr Manila, a Manila trader reports. He has not heard of other offers in the market this week. A Vietnamese trader reports blast furnace wire rod from Vietnam was recently sold at $480/t cfr Manila.
The Vietnamese domestic market for wire rod is prevailing at around the equivalent of $440-450/t, Vietnamese trading and mill sources say. This makes possible the price of $480/t cfr Manila, a mill manager says. But some others are sceptical that the producer would sell at below the prices quoted by similar producers.
Vietnam-origin 6-14mm diameter wire rod rolled from induction furnace billet concluded last week at $470/t cfr Manila a week ago. Several 10,000-tonne orders took place last week and the week before. But these suppliers are now seeking to export at the minimum of $477/t cfr Manila.
Strong demand for nails has been supporting import buying for wire rod in the Philippines, the Manila trader says. A regional trader says that EAF billet from Indonesia and Malaysia for September shipment was recently offered at $485/t cfr Manila. However, he did not hear of deals taking place apart for Vietnamese induction furnace wire rod.
Induction furnace 6.5mm diameter wire rod from Vietnam is currently offered at $480/t cif Thailand, a Bangkok-based trader reports. He has not heard of any fixtures nor of any other offers this week.
Kallanish assessed SAE 1008 6.5mm diameter mesh-grade wire rod at $470-480/t cfr Manila on Thursday, up $5 on-week.
Source:Kallanish
