Ex-China wire rod prices up, demand from SE Asia still limited

Friday, 24 September 2021 14:30:56 (GMT+3)   |   Shanghai
       

Average offer prices for ex-China wire rod have moved up compared to the previous week despite slack demand from the overseas market, while production restrictions continued in major steel making production bases, including Hebei and Jiangsu Provinces. Prices for ex-ASEAN wire rods are stable since the latest increase.

Offers for ex-China wire rod have been heard at $835-880/mt FOB, up $12.5/mt on average compared to that recorded in the previous week. “Though the demand for wire rod has not seen significant improvement yet, the declining output bolstered ex-China wire rod offer prices,” an international trader said.

Prices for ex-ASEAN wire rods have been heard at $770-780/mt CFR on average, but no fresh deals have been reported in the Philippines due to the continuous Covid-19 pandemic and the impact from the decreasing iron ore and scrap prices. The lowest price level is still for ex-Vietnam IF wire rod - $750-765/mt CFR.

As of September 24, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,468/mt ($846/mt), inching down by RMB 10/mt ($1.5/mt) since September 17, while decreasing by 2.8 percent compared to the previous trading day.

 


Similar articles

Asian wire rod market tumbles amid pessimism in China

28 Mar | Longs and Billet

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Local Turkish official domestic wire rod prices follow diverse trends

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Local wire rod quotations in Indian market - week 13, 2024

26 Mar | Longs and Billet

Local Chinese longs prices up $7-8/mt amid improved demand

25 Mar | Longs and Billet

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News