Malaysian wire rod market performs inactively
2015-08-19 09:37:37 [Print]
BEIJING (Asian Metal) 19 Aug 15 - The wire rod market in Malaysia continues to run slowly with prices narrowly stable at the moment. As MYR continues to weaken against USD and the economy is unpromising amid a crash in stock market, wire rod market participants show little optimism for the outlook of the market. Insiders predict that the price of wire rod in Malaysia can hard rebound in the short term.
A trader from a large-sized company in Perak reported that the price of wire rod SAE1008 Φ6.5mm from local mills is MYR1,650/t (USD404/t) with GST excluded, the same as that of last week.
The source reveals that the stock market continued to weaken last Friday and it has recorded a lowest level since June of 2012. In addition, the political situation is not stable because of officials’ corruption. The source states that wire rod market participants are short of confidence in the market outlook. His current monthly sales volume for wire rod is around 4,000 tons, 50%-60% lower than that in the Q1 of this year. The source prefers to hold a cautious attitude towards the coming market.
A trader from a small-sized company in Johor said the current price of wire rod SAE1008 Φ6.5mm from local mills is MYR1,630/t (USD399/t) with GST excluded, unchanged compared with that of last week.
According to the source, the price of imported materials from China is around MYR1,570/t (USD384/t) with GST excluded at the moment, so that downstream consumers still prefer to buy imported materials with lower costs. He reveals that there is little activity in the market as the demand continued to shrink in past several months. He used to provide a small discount only if customers purchase more than 100 tons at a time in Q1 of this year, but he is willing to provide a discount as long as customer have firm orders.
A trader from a large-sized company in Perak reported that the price of wire rod SAE1008 Φ6.5mm from local mills is MYR1,650/t (USD404/t) with GST excluded, the same as that of last week.
The source reveals that the stock market continued to weaken last Friday and it has recorded a lowest level since June of 2012. In addition, the political situation is not stable because of officials’ corruption. The source states that wire rod market participants are short of confidence in the market outlook. His current monthly sales volume for wire rod is around 4,000 tons, 50%-60% lower than that in the Q1 of this year. The source prefers to hold a cautious attitude towards the coming market.
A trader from a small-sized company in Johor said the current price of wire rod SAE1008 Φ6.5mm from local mills is MYR1,630/t (USD399/t) with GST excluded, unchanged compared with that of last week.
According to the source, the price of imported materials from China is around MYR1,570/t (USD384/t) with GST excluded at the moment, so that downstream consumers still prefer to buy imported materials with lower costs. He reveals that there is little activity in the market as the demand continued to shrink in past several months. He used to provide a small discount only if customers purchase more than 100 tons at a time in Q1 of this year, but he is willing to provide a discount as long as customer have firm orders.
