Import wire rod prices in the Southeast Asian market have posted an increase of at least $30/mt over the past week, in line with prices of other products like billet and rebar, following the sharp surge of prices in China just ahead of its holiday.
One deal for ex-ASEAN wire rod was reported at $498/mt CFR last week, in line with the workable price at the time, but significantly higher than the previous deals at $480-485/mt CFR. However, this week the reference prices are already at $525/mt CFR Manila at the lowest.
An Indonesian mill has increased its offers for wire rod to $505/mt FOB and has managed to sell some volumes for December shipment at this level.
Wire rod offers from secondary mills in China reached $510-520/mt FOB on Monday this week, up by $25/mt from Friday.