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Kallanish Kallanish

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November, 17th 2018

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FEB 08
06:11

Chinese longs prices stay firm in SE Asia

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Chinese long product export prices in South East Asia are still firm this week, Kallanish hears. Trading activity is thin as both suppliers and buyers prepare to take their Lunar New Year holiday next week.

Offers from China are drying up, as most Chinese mills have closed their order books, a Singapore trader says. Chinese BS4449 500B 10-40mm diameter rebar, theoretical weight, in Singapore was offered at $570-580/t cfr this week, end-users and trading sources say.

However, buyers are giving lower bids. Traders and buyers say that users are aiming to book at $550 while other traders say bids are at under $560/t cfr.

As local rebar prices are prevailing at SGD 740-760/t ($557-$572/t), buyers cannot pay current offer prices, a Singapore importer says. He says that importers are bidding at $550/t cfr.

BS4449 500B 10-40mm diameter theoretical-weight rebar is assessed by Kallanish on Thursday unchanged at $560/t cfr Singapore.

Meanwhile, Chinese wire rod offer prices are similarly firm. Offers of Chinese mesh-grade 6.5m diameter wire rod prices to Manila are prevailing at $590-600/t cfr, up from $585/t cfr last week. Most trading sources say they did not hear of deals taking place. "It is pretty quiet this week," a Manila trader says. He has only heard of one deal since Monday, for 5,000 tonnes of Chinese low-silicon grade wire rod concluded at $585/t cfr Manila. Chinese wire rod was last heard ordered at $570/t cfr at the end of January.