Wire rod suppliers have been insisting on higher offer prices in Southeast Asian and the tradable value has increased slightly, as there has been no availability of cheaper products in the market recently.
The workable price level for imported wire rod has increased by $5/mt to $445-450/mt CFR this week, with small deals heard in this range to Southeast Asia. “Longs and semis sales in the Philippines are not doing so well now. The importers are covered until August, so we may see buying interest back by July-August,” a trader said. Customers from Thailand may accept wire rod prices in the range of $440-450/mt CFR.
Offers from India have been heard at $450/mt CFR, while offers from Malaysia have been heard at $455-460/mt CFR.