Offers for Asian wire rod keep moving up following recent deals

Thursday, 10 September 2020 16:42:56 (GMT+3)   |   Shanghai
       

Offer prices for ex-Southeast Asian and ex-China wire rod have edged up further in the past week amid good demand from overseas buyers, though ferrous metal futures prices in China moved down.

Offer prices of ex-Southeast Asia wire rod have been heard at $510/mt CFR the Philippines, up $5-10/mt compared to the previous week. Buyers in the Philippines had purchased ex-Malaysia and ex-Vietnam wire rod at $495/mt CFR in the previous week, and at the moment the tradable value has increased to $500/mt CFR or slightly above, sources have said.

An offer for ex-Indonesia wire rod has been heard to Myanmar at $515/mt CFR. There have been some reports about a sale to Myanmar at a slightly lower price level, sources have said. “Dexin [the major Indonesian exporter] is focusing on wire rods at the moment rather than on billet,” an Asian trader told SteelOrbis.   

Offers for ex-China wire rod have been heard at $515-530/mt FOB, moving up by $7.5/mt compared to last week. “The demand for wire rod and rebar in the local market has not been as good as what market players expected for September, which resulted in a downtrend in ferrous metal futures prices and cautious sentiments prevailing among market players, while high levels of iron ore prices supported prices and so big declines will unlikely be seen,” a trader commented.

As of Thursday, September 10, rebar futures at the Shanghai Futures Exchange are standing at 3,640/mt ($533/mt), decreasing by RMB 150/mt ($22/mt) or 3.96 percent since September 3, while decreasing by 1.6 percent compared to the previous trading day.

$1 = RMB 6.8331


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