Wire rod offers increase further in SE Asia, India concludes sale

Thursday, 30 July 2020 13:49:35 (GMT+3)   |   Shanghai
       

Offer prices of ex-Indonesia wire rod have been heard at $470/mt CFR Philippines, while last week customers were able to find prices at $455-460/mt CFR. Ex-Vietnam wire rod offers have been at $460-465/mt CFR Philippines and at $475/mt CFR Thailand.

At the same time, a deal for ex-India wire rod has been reported at $460/mt CFR Philippines in the past week. As SteelOrbis reported earlier, in the previous week contracts were mostly for Southeast Asian wire rod at $455-460/mt CFR Philippines.

Offers for ex-China wire rod have been heard at $470-490/mt FOB, moving sideways compared to last week, though not attractive for buyers in the export market. “The rising inventory of wire rod has signaled slack demand from downstream users in the local market, while the high levels of iron ore prices have bolstered wire rod prices,” a trader commented.

Though the rainy weather has ended in eastern China, floods have still hit several cities, negatively affecting demand for wire rod, especially in the hot summer season.

As of Thursday, July 30, rebar futures at the Shanghai Future Exchange are standing at 3,767/mt ($544.5/mt), decreasing by RMB 39/mt ($5.6/mt) or 1.0 percent since July 23.

$1 = RMB 6.9902


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