Major Vietnamese producer Formosa Ha Tinh has announced an increase in its offer prices for wire rod for February shipment by $90/mt compared to the previous month.
Formosa Ha Tinh is offering its mesh quality mild wire rod at $630/mt FOB, up by $90/mt from $540/mt FOB in November. For local customers, the price is $635/mt CFR and above. The pace of growth is much higher than last month’s $20/mt rise, but this has been expected, taking into account rising quotations in Asia, high ex-China prices, and firm demand.
Offers for ex-China SAE 1008 wire rod increased to $595-610/mt FOB last week and new gains are possible this week, sources believe.