Southeast Asian longs markets stabilise
Posted on 11 September 2020
Southeast Asia’s rebar and wire rod import markets have shown signs of stability this week, Kallanish notes.
Deals for blast furnace SAE 1008 wire rod from Indonesia to Manila transacted at $495/tonne cfr late last week. A trader reports that his lowest-priced Indonesian wire rod offer at that time was $498/t cfr Manila. Malaysian blast furnace SAE 1008 wire rod was booked early last week at $495/t cfr Manila.
This week, wire rod offers have surpassed $500/t cfr Manila. Offers for Indonesian wire rod have jumped up to $505/t cfr Manila. Chinese wire rod is now offered at $530/t cfr, up from offers at $525/t cfr last week. However, no deals are heard to have transpired this week, Manila trading sources say.
Kallanish assessed SAE 1008 6.5mm diameter mesh-grade wire rod at $495/t cfr Manila on Thursday, up $2.5 on-week.
Similarly, the regional rebar import market was flat this week. In Hong Kong, there have been no fresh deals after a Turkish rebar cargo was booked for December shipment last week at $480-485/t cfr actual weight. “The debar market stabilised this week after the booking last week; there are no deals this week but scrap prices are still up,” an importer said on Thursday. Turkish rebar is offered at $490/t cfr Hong Kong, a trader reports.
Turkish rebar is offered at $480/t cfr Singapore, and Chinese rebar at $510/t cfr, each on theoretical-weight basis. Chinese rebar was heard offered at $500/t cfr last week.
Kallanish maintained its weekly BS4449 500B 10-40mm diameter rebar price at $465-470/t cfr Singapore theoretical weight.Source : Kallanish