Import markets for wire rod and rebar in the ASEAN region remain sluggish. Continued volatility on the Shanghai Futures Exchange (SHFE) is causing regional buyers to delay placing orders.
Non-VAT Chinese wire rod has returned to the region. Offers in the Philippines for this material, for July shipment of 6.5mm upwards SAE 1008 wire rod are heard at around $530/tonne cfr Manila. However, these are expected to edge slightly higher due to the rising SHFE and the appreciating Chinese yuan. The assessed price for SAE 1008 6.5mm-diameter wire rod is $525/t cfr Manila, unchanged on-week.
Trading sources report no deals for wire rod during the week, citing volatile prices. "Futures are up sharply today and partly due to currency too," a Manila trader noted. Offers for regional wire rod from ASEAN are around $550/t cfr Manila.
In Vietnam, new offers for Chinese wire rod are around $525/t cfr due to rising Chinese futures prices. In Thailand, a 2,000-tonne cargo of Chinese wire rod was transacted on Thursday at $538/t cif.
For imported rebar in Singapore, there is little trading activity. A leading Malaysian exporting mill's offer for theoretical-weight rebar for July shipment remains unchanged at around $535/t trucked to Singapore, equivalent to $525-530/t cfr Singapore. A Chinese mill has lowered its offer for theoretical-weight rebar to $560/t cfr Singapore. The assessed price for BS4449 500B 10-40mm diameter rebar is $525/t cfr Singapore theoretical weight, unchanged on-week.
