Average offer prices for ex-China wire rod have moved sideways over the past week, while ex-ASEAN suppliers have also mostly rolled over prices with only sporadic deals done at the previously announced levels.
Offers for Indonesian and Malaysia wire rod have been reported at $610-620/mt CFR to the Philippines and Thailand at the lowest this week, stable from last week. Some mills have voiced higher levels of $620/mt CFR and above. Since the overseas markets are in the Christmas-New Year holiday period, inquiries and purchases have been quiet. Only small deals have been reported to the Philippines at slightly above $600/mt CFR last week.
Offers for ex-China wire rod have been heard at $590-610/mt FOB, moving sideways compared to December 22.
“Rebar futures prices have fluctuated within a limited range, bolstering wire rod prices, while the slack demand from downstream users has negatively affected market sentiments. More steelmakers have planned to implement maintenance works, and buyers plan to build up stocks in the winter, which is positive for the price trend but market players still hold cautious sentiments,” an international trader said.
As of Thursday, December 29, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,048/mt ($580/mt), increasing by RMB 87/mt ($12.5/mt) or up 2.2 percent since December 22, while increasing by 0.07 percent compared to the previous trading day (December 28).
$1 = RMB 6.9793
