According to a number of sources, suppliers have managed to achieve higher wire rod prices in recent deals for wire rod to the Philippines.
A few contracts for a total tonnage of not less than 6,000 mt of ex-Indonesia wire rod have been signed at $505/mt CFR Manila recently, up from the previous contracts at $495/mt CFR in the Philippines. The tradable value has increased by $5/mt from the last week’s $500/mt CFR level, according to SteelOrbis, while most offers from Indonesia and Malaysia are at $510/mt CFR. “Dexin Steel [the main Indonesian integrated mill] wants to sell wire rods. They have allocation for October [shipment],” a trading source told SteelOrbis.
