Posted on 10 Jun 2022
The ASEAN import markets continued to be quiet this week, Kallanish notes. Regional suppliers of wire rod have hiked offers in Philippines despite sluggish demand. In Singapore, traders hear that a Middle Eastern supplier is aiming to push up prices.
Offers for 6.5mm diameter blast furnace SAE 1008 wire rod for August shipment are hiked to $750-755/tonne cfr from $740/t last week. Some traders say that end-July shipments are possible. A Manila trader says that buyers are not convinced to place orders as yet. “Prices have been generally stable for several weeks already, giving some people the feeling that we may have hit bottom or at least close to it anyway,” he notes. Another trader hears an offer at $720/t cfr Manila. He is uncertain of the mill origin, but thinks that it could be Russian material. “It is quiet at the moment,” he says.
Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $740/t cfr Manila, up $7.5 on-week.
A UAE mill has opened negotiations for its 25,000t rebar parcel at $745/t cfr Singapore, theoretical-weight basis. Market participants regard this price as high. The market price level for rebar from is around $725-730/t cfr Singapore, traders say. A buyer says that the general offers for rebar from Malaysia, Middle East and Vietnam are prevailing at $720-730/t cfr.
A Malaysian mill is heard to have sold recently actual-weight at $730-735/mt cfr Hong Kong. On reports that actual weight rebar from Oman was sold last week at $750/t cfr Hong Kong, a Hong Kong trader says that the transaction price sounds too high. “Perhaps some trader who have short position might do this booking,” he says.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $720-725/t cfr Singapore theoretical weight, down $7.5 on week.
Source:Kallanish
