Posted on 17 Jun 2022
Wire rod import prices dived in Southeast Asia this week, Kallanish understands.
Suppliers were not successful in hiking prices in Manila. Offers for 6.5mm diameter blast furnace SAE 1008 wire rod from Malaysia and Indonesia for August shipment are now offered at $720/tonne cfr, after suppliers failed to get interest at $750-755/t cfr last week.
Traders are giving out these offers, Manila-based trading participants say. “I understand that the mills’ fob prices are higher,” a Manila trader says. Chinese-origin wire rod offers are as low as $710/t cfr Manila but some bids are even lower at under $700/t cfr, he adds. Another says that he thinks that traders are short-selling in the falling market. The offers are for material at sellers’ option, he says.
Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $705-715/t cfr Manila, up $30 on-week.
In Thailand, certain suppliers were inviting bids for Malaysian blast furnace wire rod at $715/t cif early this week. This is a drop from several deals concluded last week at $730-735/t cif last week, a Bangkok trader says.
Source:Kallanish
