Prices for imported wire rod in Southeast Asia have remained almost stable since last week as, even though the outlook is more optimistic for the post-holiday period in China, demand in the region has remained reduced.
Offers for ex-Malaysia wire rod have been reported at $770/mt CFR in the Philippines. “There were bids against Alliance's offer, but the need to restock is small,” a local trader said. Ex-Indonesia wire rods have been available at $780/mt CFR Manila.
A tender held by Indian state-owned producer RINL for 15,000 mt of wire rod has not been closed, as the seller has failed to get bids at the targeted levels of $700-710/mt FOB. Instead the buyers’ highest price idea was at around $680/mt FOB, SteelOrbis has learned. This level corresponds to $750/mt CFR Asia, according to sources’ estimations.
At the same time, lower offer prices for IF wire rods have started to be rare in the Southeast Asian market. Ex-Vietnam IF wire rods are still priced at $750-760/mt CFR.