Offers for imported wire rod have declined further this week in Southeast Asia. Regional exporters have decided to cut prices and have remained the most competitive in the market, but traders from China also voiced lower prices before the long holiday.
Ex-Indonesia wire rod is available for customers in the Philippines at $490/mt CFR after discounts, while ex-Malaysia wire rod is available at $495/mt CFR. Most offers from Southeast Asian suppliers were at around $500-505/mt CFR last week, if discounts are excluded. “This [$490-495/mt CFR] can be acceptable in the Philippines,” a local source told SteelOrbis. Suppliers are collecting bids at the moment. Offers for induction furnace wire rod from Vietnam could be at $485-490/mt CFR the Philippines, sources have said.
Chinese mills reduced their official offers by $10/mt early this week to $505-510/mt FOB, reflecting higher interest in sales abroad. At the same time, trading companies have been trying to attract customers, offering at $500-505/mt CFR.