The surge in Chinese steel futures continues to affect rebar and wire rod markets in ASEAN. Exporters have been increasing their offers in response to the higher prices, but regional buyers remain indifferent to the offers amid unchanged domestic demand.
- Rebar offers from a Malaysian plant increased to $550-555 per tonne dap (by truck) from $545-550/t dap in the previous week.
- Offers for 6.5mm diameter wire rod imported from China increased to $545-550/t cfr per tonne.
- Prices for low-carbon wire rod from Indonesia were as high as $550/t fob per ton.
- In Thailand, low carbon blast furnace wire rod from Malaysia was quoted at $555/t cif.
Higher prices are prompting buyers in the region to observe the market rather than being active. This is particularly noteworthy as local demand remains unchanged and customers are showing high price resistance.
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