Average offer prices for ex-China wire rod have moved sideways over the past week amid just slight changes in rebar futures prices and a stable outlook. However, some traders in Southeast Asia have been trying to increase offer prices, expecting no discounts from major Asian sellers in the near future and better sentiments after China’s National Day holiday,
Offers for ex-China wire rod have been heard at $470-490/mt FOB, remaining stable compared to September 18. The tradable prices have been heard at $465-480/mt FOB.
During the given week, inventories of wire rod in China have increased, weakening the support for prices in the spot market. Since the National Day holiday (October 1-8) is approaching, market players have been more willing to sell, aiming to reduce inventories, while demand has also been rather firm. On September 22, the Ministry of Industry and Information Technology (MIIT) of China and other departments jointly released the Work Plan for Stabilizing Growth in the Steel Industry (2025-2026), setting the steel sector’s average annual value-added output growth target at about four percent for the next two years, bolstering market sentiments to a certain degree. However, recently, steelmakers’ capacity utilization rates have increased, exerting a negative impact on the wire rod market amid the increasing supply in the market. It is thought that wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Wire rod offer prices from Indonesia’s Dexin have been heard at $480/mt FOB for December shipment. Offer prices of ex-Malaysia SAE1006 wire rod have been heard at $490/mt FOB, up $5/mt week on week, and offers of ex-Vietnam CB300V-D6 wire rod have been heard at $510-520/mt FOB, remaining stable on average week on week.
In Southeast Asia, mainstream tradable prices of SAE1008 6.5 mm wire rod have been heard at $485-495/mt CFR, moving up by $5/mt week on week, while offers have already been heard at $495-500/mt CFR from some traders.
As of September 25, rebar futures at Shanghai Futures Exchange are standing at RMB 3,167/mt ($446/mt), increasing by RMB 20/mt ($2.8/mt) or 0.6 percent since September 18, while up 0.32 percent compared to the previous trading day, September 24.
$1 = RMB 7.1118