Southeast Asian import markets for wire rod and rebar weakened during the past week, Kallanish notes. Offer prices from China were slipping but cannot compete with low-priced material from elsewhere.

In Singapore, importers including smaller buyers purchased rebar a week ago either from Qatar or Turkey at $470/tonne cfr theoretical-weight basis, for October shipment, Singapore trading sources report. A trader is selling at this level because it is eager to offload its position material. A trader heard of some tonnages booked, but another says buying is thin because many buyers are bearish and are giving bids as low as $450/t cfr Singapore. Direct offers from Turkish mills are at $480-485/t cfr, Kallanish understands.

Chinese rebar offers are prevailing at $485-495/t cfr Singapore, down from last week’s $495-500/t cfr. “There is a slowdown in China but Chinese suppliers are saying that they will not consider anything below $480/t cfr for now,” a Singapore trader says. Chinese steel prices would depend on iron ore prices too, he adds.

Kallanish assessed its weekly BS4449 500B 10-40mm dia rebar price on Thursday at $470/t cfr, down $10/t on-week.

Buyers in the Philippines have been slow to book long products because of the rainy season and negative market sentiment. Malaysian mesh-grade 6.5mm diameter wire rod offer prices are still at $480/t cfr Manila, similar to last week. Chinese wire rod offers have fallen to $510/t cfr Manila.  A sole Manila trader is also heard to be offering at $500/t cfr. Last week, Chinese wire rod was offered at $515-520/t cfr.

A trader heard from a buyer that Indian wire rod is offered at $470/t cfr Manila. Offers at this level are possible, two Indian traders say. The steel market is currently weak in India, a trader says (see separate report).

SAE 1008 6.5mm diameter mesh-grade wire rod was lowered by Kallanish on Thursday to $480/t cfr Manila, down $5/t on-week.