Posted on 04 Oct 2024
The ASEAN market for mesh-grade SAE 1008 wire rod was muted because of the absence of Chinese suppliers, who are on the Golden Week holiday, Kallanish understands. The limited offers for ASEAN wire rod registered sharp price hikes in the region.
A leading Indonesian mill’s offer for mesh-grade 6.5mm diameter wire rod for January shipment to Vietnam rose to $535/tonne cfr Vietnam, up from $498-502/t cfr last week. The Indonesian mill last sold wire rod on Monday this week at $500/t fob, Jakarta-based sources say. It had sold at $478/t fob on 25 September.
Chinese mills’ offers for wire rod are unavailable. “Traders are off. They hope that prices will increase more after the holiday so they don't want to offer now,” a Ho Chi Minh City trader says Thursday.
In Thailand, offers even from the ASEAN mill are unavailable. “There are none at all,” says a Bangkok trader who thinks that the market will only resume trading after the holiday. Another says that he has heard nothing for wire rod this week.
Kallanish assesses SAE 1008 6.5mm-diameter wire rod at $510-515/t cfr Manila, up $25 on week.
A leading Vietnamese mill’s offer for wire rod is currently $530/t fob, and for actual-weight rebar $535/t fob. These are base prices for November shipment.
Source:Kallanish
