South Korean wire rod market inactive
2014-05-27 09:12:26 [Print]
BEIJING (Asian Metal) 27 May 14 – The market of wire rod runs slowly in South Korea with the approach of rainy season. In view of the soft downstream demand, insiders foresee an inactive market in following weeks.
A wire rod trader in Seoul reports that the current price of wire rod SAE1008B Φ6.5mm is KRW560,000/t (USD547/t) VAT excluded, unchanged compared with that of last week.
He usually imports wire rod from China and he informs that the newest offer he got from Chinese exporters is USD15/t lower than that at the beginning of this month. Since most of his products were purchased one month ago, he hasn’t moved down offers yet. However, he tells Asian Metal that downstream demand is likely to become weaker from now on with the arrival of rainy season, and he is quite pessimistic about the coming market.
A wire mesh producer in Busan says that the latest offer he received this week for SAE1008B Φ6.5mm from Jiujiang Steel was USD492/t CFR Busan Port for late April shipment, while it was USD510/t CFR at the begging of May.
As an end user of wire rod, the source imported 1,000t of wire rod from China last month, while the regular monthly purchasing volume is 2,000-3,000t in the peak season. He informs that the demand for wire rod in South Korea is as soft as that in China. He foresees that the wire rod market will remain sluggish in the remaining days of this month.
A wire rod trader in Seoul reports that the current price of wire rod SAE1008B Φ6.5mm is KRW560,000/t (USD547/t) VAT excluded, unchanged compared with that of last week.
He usually imports wire rod from China and he informs that the newest offer he got from Chinese exporters is USD15/t lower than that at the beginning of this month. Since most of his products were purchased one month ago, he hasn’t moved down offers yet. However, he tells Asian Metal that downstream demand is likely to become weaker from now on with the arrival of rainy season, and he is quite pessimistic about the coming market.
A wire mesh producer in Busan says that the latest offer he received this week for SAE1008B Φ6.5mm from Jiujiang Steel was USD492/t CFR Busan Port for late April shipment, while it was USD510/t CFR at the begging of May.
As an end user of wire rod, the source imported 1,000t of wire rod from China last month, while the regular monthly purchasing volume is 2,000-3,000t in the peak season. He informs that the demand for wire rod in South Korea is as soft as that in China. He foresees that the wire rod market will remain sluggish in the remaining days of this month.
