Average offer prices for ex-China wire rod have moved sideways compared to the previous week, while some better sentiment is seen in the market amid the rising trends in rebar futures prices and local wire rod prices. At the same time, the deal prices in the Southeast Asian market have remained stable.
Offers for ex-China wire rod have been heard at $730-760/mt FOB, moving sideways on average compared to the previous week.
“Some steelmakers have halted blast furnace production, resulting in tight supply of wire rod in the Chinese domestic market, while at the same time wire rod prices may gain certain support as stock replenishment for the winter season is approaching,” an international trader said.
Ex-Malaysia wire rod offer prices have been heard at $720/mt CFR Manila, while the tradable level has remained at $710/mt CFR, stable from last week. Buyers are not willing to pay higher than $700-710/mt CFR.