Vietnam increased wire rod steel price

Southeast Asia’s long steel import markets were mostly quiet this week due to the long holiday in China, Kallanish notes.

In Hong Kong, Russian-origin rebar for December shipment was booked this week at $470/tonne cfr, actual-weight basis, importing sources say. Offers for Russian rebar are prevailing at $475/t cfr, and those for other origins including Turkish rebar were tagged at around $485/t cfr. In Singapore, the rebar import market was quiet. Chinese rebar for December shipment was offered at $500/t cfr theoretical weight a week ago. 

Kallanish lowered its weekly BS4449 500B 10-40mm diameter rebar price by $5/t to $460/t cfr Singapore theoretical weight.

Meanwhile, Vietnamese wire rod export offers were raised by $5/t over the past week to $505/t cfr Manila for blast furnace wire rod and $495/t cfr for induction furnace billet. “Local prices have increased,” a Vietnamese trader notes. “There are no bookings,” he adds. He explains that Philippine buyers want to pay lower levels. However, Vietnamese mills, which raised domestic wire rod prices by VND 150/kg ($7/t) effective 1 October, prefer to maintain these new export prices until China returns from the holiday.

Philippine trading sources say the market has been quiet because of the holiday. Blast furnace SAE 1008 6.5mm diameter wire rod from Indonesia and Malaysia was last priced at around $500/t cfr Manila. There are no offers from these sources because these are from regional Chinese-invested steel plants, a Manila trader says. “Almost 100% of their sales are done via Chinese traders,” he adds. "Bids will come in next week after the Chinese holiday," another says. Kallanish assessed 6.5mm diameter wire rod unchanged at $495-500/t cfr Manila.

Source : Kallanish