Traders have managed to sell ex-Malaysia wire rods to Southeast Asia after providing some discounts.
At least two lots have been sold to the Philippines at $710/mt CFR, down by $5/mt from the lowest offered level seen since last week. In addition, the same level has been fixed in a contract with Thailand. “This is Chinese traders’ business,” a market source said
Ex-Indonesia offers from mills are still at $720/mt CFR and above. Ex-Vietnam BOF offers have also been relatively stable, but a decline is possible as the tradable level for billets has been falling more rapidly, sources have said.