Due to the absence of offers from the major wire rod exporter - China - prices for imported wire rod have remained stable in Southeast Asia. Ex-Malaysia wire rod have been offered at about $485/mt CFR to the Philippines, while bids have been mostly at $480/mt CFR. A deal before the holidays was done at $480-485/mt CFR. Prices were gradually going up before the Chinese New Year holiday, but current sentiments are mixed, sources said.
At the moment, the major question is whether China cut wire rod allocation for the export market or not. Some sources have reported planned maintenance at rebar and wire rod lines at major Chinese mills, but this decision was connected mainly with expected domestic demand reductions. “We are waiting for any offers from traders [from China] next week. Now there is no trend,” a Manila-based trader said. Chinese mills’ export offer prices for wire rod were at $485-490/mt FOB before the holidays.
