Import wire rod prices have increased further in the Philippines, even though demand has been close to zero.
Among the lowest offers for import wire rod in the Philippines have been ex-Vietnam IF material at $750-770/mt CFR, while two weeks ago they were at $715-720/mt CFR.
Indian non-IF wire rod prices have been at $775-780/mt CFR, while those from Indonesia and some other Southeast Asian suppliers have been at $780-790/mt CFR. “Zero deals here for wire rods, and even for billets,” a local source in Manila said.
The Philippines’ confirmed Covid-19 cases total 2,366,749, following new infections amounting to 19,271 on September 19. The situation is still worrying and end-user demand has been reduced. The lockdown in the Metro Manila area will last at least up to the end of September.