Posted on 27 May 2022
East Asian rebar and wire rod import markets continue to be bearish, Kallanish notes. Prices are heard lower this week on sluggish demand.
Offers for theoretical-weight rebar for July shipment from Malaysia and the Middle East are heard at $740/tonne cfr Singapore, down from offers at $770-780/t cfr last week. Some trading sources hear that Malaysian rebar for July shipment was ordered this week at $740/t base delivered to Singapore. The large buyer typically orders 40,000 tonnes and has the product trucked over from neighbouring Malaysia, a trader says.
Vietnamese theoretical-weight rebar is now priced at $700/t fob, which would be equivalent to around $740/t cfr Singapore, Vietnamese trading sources say. A Hong Kong buyer says that offers for actual-weight rebar are prevailing at $750/t cfr, but he has not heard of any recent deals. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $740/t cfr Singapore theoretical weight, $25 lower on-week.
Meanwhile, offer prices for wire rod in the region have slipped. Offers for open-origin 6.5mm diameter blast furnace SAE 1008 wire rod for July shipment are prevailing at $740/t cfr Manila. “Buyers are still bearish,” says a trader who doubts there have been any recent deals. “The market is so weak. No one is interested to buy at the moment,” another says.
In Thailand, 6.5mm blast furnace wire rod is offered at $740/t cfr Thailand for Malaysian material and at $750/t cfr for Indonesian material. Vietnamese wire rod is offered at $720/t fob. “There is no buying interest, demand is weak,” a Bangkok trader says.
Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $730-735/t cfr Manila, down $2.5 on-week.
Source:Kallanish
