Long steel product export prices have seen a significant increase in East Asia. Suppliers are sharply raising prices, particularly in response to demand from Malaysia and Singapore.
In Malaysia, rebar prices have risen to $530/ton on a theoretical weight basis for May or June shipments. Importers in Singapore are expecting price increases due to geopolitical tensions and regional uncertainties, affecting local purchases.
In Hong Kong, rebar from Malaysian producers is being sold at $530/ton cfr for June/July shipments, especially as Chinese prices rise.
Prices for wire rod from China are also trending upward. For May/June shipments, offers have risen to $525/ton cfr Manila and $515/ton cfr Vietnam, with no agreements yet in Manila at these high levels.
Indonesian and Chinese producers are also raising prices. Wire rod offer prices from Indonesia, including freight, have risen to $520/ton fob. Chinese wire rod prices, including VAT, have reached up to $540/ton fob.
The increased prices are supported by limited availability of steel supply and rising freight costs, despite weakness in final demand.
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