According to market sources, a deal for ex-India wire rod has been signed at $440-445/mt CFR Thailand recently. The price level is $20-25/mt above a contract in Thailand last week. Sources have said that such a sharp price increase has followed the hike of ex-China prices. Official offers from Chinese mills have added $15/mt over the past week to $450-460/mt FOB, as reported earlier.
New offers for ex-India to Southeast Asia have started to come at $450/mt CFR. According to a trading source, the uptrend is connected with the fact that “customers don’t have options” if they want to buy. But overall demand has been strong only in the local Chinese market, while most importers from Southeast Asia have been cautious.
