Long product import markets in Southeast Asia were muted this week. Buyers are resisting rising prices brought about by the strong Chinese domestic market as well as increased raw materials costs.

In the Philippines, Vietnam-origin 6.5m diameter wire rod was booked this week at $450/tonne cfr Manila. These are products rolled from induction furnace billet. The booking price is unchanged from the week before. This wire rod is used for making nails, for which demand is good, a Manila trader reports. It can also be used to make some bar products including small-diameter rebar and square rebar.

Indonesian blast furnace wire rod is offered this week at $470/t cfr Manila, up $10/t from last week. This attracted a bid at $462/t cfr, the trader hears.

Chinese wire rod offers are prevailing at around $485/t cfr Manila. Kallanish raised its SAE 1008 6.5mm diameter mesh-grade wire rod assessment to $450-460/t cfr Manila, up $7.5 on-week.

In Thailand, offers for blast furnace 6.5mm diameter wire rod from Vietnam are at $475/t cfr, up $5/t from last week. “Demand is weak,” a Thai trader says. This weakness extends to the Thai domestic rebar market, where prices are prevailing at THB 14.5/kg ($450/t) ex-works. But Thai mills are trying to hike prices by THB 300-500/t now, he adds.

Regional rebar importers' target prices are trailing behind rising offers. “Buyers here are still talking at $420/t cfr levels. But all offers exceed $450/t cfr,” a Hong Kong trader says. An importer has heard offers for Turkish rebar are prevailing at $455-460/t cfr Hong Kong, actual-weight basis.

The Singapore rebar market continues to be frozen. Most construction projects have not resumed because workers are slow to return after the pandemic lockdown. However, import buying will take some time to kick in. Stockists need to draw down inventories which accumulated during the lockdown. Turkish rebar is heard offered at $450/t cfr Singapore, theoretical-weight basis.

On Thursday, Kallanish raised its weekly BS4449 500B 10-40mm diameter rebar price at $420-425/t cfr Singapore theoretical weight, up $2.5 on-week.