Southeast Asia’s wire rod import market has firmed up whereas the rebar import market has been inactive during this week, Kallanish notes.
Deals for blast furnace SAE 1008 wire rod from Indonesia transacted higher at $503-505/tonne cfr Manila late last week, up from $495/t cfr the week before. Offers for blast furnace SAE 1008 wire rod from Malaysia and Indonesia are currently at $510/t cfr Manila. Induction furnace SAE1018 wire rod from Vietnam is offered at $505/t cfr Manila.
Manila trading sources also say there were several deals for Chinese wire-drawing quality wire rod each of around 1,000-2,000 tonnes at $520/t cfr. These are part of a trader’s position cargo for October shipment. Chinese wire rod was offered during the 7-September week at $530/t cfr Manila.
Kallanish assessed SAE 1008 6.5mm diameter mesh-grade wire rod at $505/t cfr Manila on Thursday, up $10 on-week.
Meanwhile, the regional rebar market has remained lacklustre. Buying interest in Hong Kong has waned after buyers booked material two weeks ago to replenish stocks for year-end. At that time, Turkish rebar was booked for December shipment at $480-485/t cfr Hong Kong actual weight basis.
Offers for Turkish rebar to Hong Kong were last heard at around $490/t cfr actual weight. “There are no takers; users are covered already,” an importer says. Buyers are also cautious because of the recent weakness in the Chinese domestic steel market, he adds.
In Singapore, offers for Chinese rebar are prevailing at $510/t cfr theoretical weight, unchanged from last week. “But there are more mills' offers and they are more willing to negotiate,” a Singapore trader says.
Kallanish maintained its weekly BS4449 500B 10-40mm diameter rebar price at $465-470/t cfr Singapore theoretical weight.
Source: Kallanish
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