Ex-China wire rod offer to Indonesia

A Chinese trader is offering 400 metric tons of SAE1008 grade 5.5 mm diameter wire rod to Indonesia at $465-470/mt CFR on actual weight basis via at sight payment by letter of credit for end of February shipment. The wire rod is produced by a small mill in north China's Hebei Province. However, the buyer does not seem to be willing to accept the price, saying that they can only accept $450/mt CFR. The price level is stable nowadays.