Chinese wire rod offer prices fell this week in the Philippines, Kallanish notes. At the same time, the rebar import market was quiet with offers at similar levels in Singapore.
In Bangkok, a deal for mesh-grade 6.5mm wire rod from Indonesia for November shipment was heard done this week at $500/tonne cif.
Thai trading sources heard that the tonnage booked was several thousand tonnes.
In Manila, Chinese wire rod offers for mesh-grade 6.5mm diameter Chinese Q195 wire rod for end-October/first-half-November shipment are at $490-495/t cfr, $10/t lower from last week. Last week’s increases prices were due to suppliers’ claiming compliance with Chinese VAT.
The last known deals for Q195L grade wire rod, which fetches a $5/t premium over Q195 material, closed at around $495/t Manila, local trading sources say.
Kallanish assessed SAE 1008/Q195 6.5mm-8mm diameter wire rod at $490/t cfr Manila, down $5/t on-week.
Indonesia’s Dexin Steel is offering wire rod for November shipment at $480/t fob.
Meanwhile, a leading Malaysian mill’s offer for theoretical-weight rebar has risen by $5/t to $485/t dap (trucked to) Singapore for November deliveries. The dap basis price is estimated to be $5-10/t higher than on a cfr Singapore basis. The mill also offering wire rod to Thailand.
Theoretical-weight rebar for November shipment from two Chinese mills are prevailing at $480/t cfr Singapore, unchanged from last week. But some traders also say that Chinese rebar is being offered at $485/t cfr. Traders do not hear of any recently concluded deals.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $470-475/t cfr Singapore, unchanged on-week.
Source:Kallanish