Malaysian wire rod prices up
2023-03-09 08:30:28 [Print]
BEIJING (Asian Metal) 9 Mar 23 - Supported by higher prices of raw materials, wire rod prices in Malaysia edged up this week. The current mainstream prices of wire rod SAE1012 Φ6.5mm stand at MYR3,150-3,200/t (USD696-707/t), up by around MYR50/t (USD11/t) from late last week. Given firm cost from steel mills but limited demand from downstream clients, insiders predict wire rod prices in Malaysia would keep flat in the coming week.
A consumer in West Malaysia stated that he got an offer of MYR3,200/t (USD707/t) for wire rod SAE1012 Φ6.5mm on Wednesday and could buy at least 1,000t at MYR3,150/t (USD696/t). "I bought around 200t at MYR3,130/t (USD692/t) last Friday and could buy at no less than MYR3,100/t (USD685/t) for around 1,000t then," he said, adding that prices of imported wire rod went up by around USD15/t in past week, so local steel mills tried to increase prices accordingly. However, the demand would soften in late March when the Ramadan approaches. His consumption volume is estimated to reach about 800t in March, down from 1,000t in February. Upon softening demand but firm cost, he predicts that wire rod prices would keep stable in the coming week.
Reporting an annual consumption capacity of 20,000t for wire rod, the company used nearly 17,000t of the material in 2022, in line with 2021. It has an inventory of about 1,200t at present, up by 400t from two weeks ago.
A producer in West Malaysia asked MYR3,150/t (USD696/t) without concession for wire rod SAE1012 Φ6.5mm on Wednesday, while he could accept bids no less than MYR3,100/t (USD685/t) late last week. "The supply of steel scrap remained tight recently, which supported prices to go up by around MYR80/t (USD18/t) last week, so we have to raise wire rod prices accordingly," he said, adding that he has an inventory of about 15,000t at present, up by 2,000t from one week ago. Upon rising stocks but firm cost, he is of the opinion that wire rod prices would remain flat in the coming week.
The company, with an annual production capacity of 350,000t for wire rod, produced about 250,000t of the material in 2022, similar to 2021. It estimated the output would reach almost 25,000t in March, in line with February.
A consumer in West Malaysia stated that he got an offer of MYR3,200/t (USD707/t) for wire rod SAE1012 Φ6.5mm on Wednesday and could buy at least 1,000t at MYR3,150/t (USD696/t). "I bought around 200t at MYR3,130/t (USD692/t) last Friday and could buy at no less than MYR3,100/t (USD685/t) for around 1,000t then," he said, adding that prices of imported wire rod went up by around USD15/t in past week, so local steel mills tried to increase prices accordingly. However, the demand would soften in late March when the Ramadan approaches. His consumption volume is estimated to reach about 800t in March, down from 1,000t in February. Upon softening demand but firm cost, he predicts that wire rod prices would keep stable in the coming week.
Reporting an annual consumption capacity of 20,000t for wire rod, the company used nearly 17,000t of the material in 2022, in line with 2021. It has an inventory of about 1,200t at present, up by 400t from two weeks ago.
A producer in West Malaysia asked MYR3,150/t (USD696/t) without concession for wire rod SAE1012 Φ6.5mm on Wednesday, while he could accept bids no less than MYR3,100/t (USD685/t) late last week. "The supply of steel scrap remained tight recently, which supported prices to go up by around MYR80/t (USD18/t) last week, so we have to raise wire rod prices accordingly," he said, adding that he has an inventory of about 15,000t at present, up by 2,000t from one week ago. Upon rising stocks but firm cost, he is of the opinion that wire rod prices would remain flat in the coming week.
The company, with an annual production capacity of 350,000t for wire rod, produced about 250,000t of the material in 2022, similar to 2021. It estimated the output would reach almost 25,000t in March, in line with February.
