Malaysian wire rod buyers active in placing orders
2023-03-03 08:19:52 [Print]
BEIJING (Asian Metal) 3 Mar 23 - Upon rising prices of imported wire rod from South Asia, steel mills in Malaysia showed some intention to hike prices and wire rod buyers placed orders actively this week. The current mainstream prices of wire rod SAE1012 Φ6.5mm stand at MYR3,080-3,100/t (USD688-692/t), in line with one week ago. Given rising prices of imported materials and firm cost from steel mills, insiders predict wire rod prices in Malaysia would edge up in the coming week.
A consumer in West Malaysia reported that he bought around 1,000t of wire rod SAE1012 Φ6.5mm at MYR3,080 (USD688/t) on Thursday, while he did not place any order last week. "I got an offer of MYR3,100/t (USD692/t) one week ago and my supplier could accept a concession of MYR20/t (USD4/t) for firm orders," he said, adding that import price of wire rod from Indonesia went up by around USD20/t to USD670/t CFR Malaysia this week, so steel mills in Malaysia showed intention to hike prices in following days. Upon higher prices of imported materials, he deems that wire rod prices would go up by around MYR50/t (USD11/t) in the coming week.
The company, owning an annual consumption capacity of 20,000t for wire rod, consumed about 17,000t of wire rod in 2022, similar to 2021. It would use roughly 1,200t of the material in March, in line with February. It has an inventory of roughly 1,500t at present, up by 800t from one week ago.
Another consumer in West Malaysia reported that he bought around 800t of wire rod SAE1012 Φ6.5mm at MYR3,100/t (USD692/t) on Thursday, while he never placed orders more than 500t at once after the lunar New Year holiday. "I got the same offer one week ago but I showed hesitation at that time," he said, adding that when he heard higher offers for imported materials and rising prices of steel scrap, he placed orders actively this week. He has an inventory of about 1,200t at present, up by 400t from two weeks ago. Supported by higher cost, he is of the opinion that wire rod prices would move up by about MYR50/t (USD11/t) in the coming week.
Reporting an annual consumption amount of nearly 25,000t, the company used approximately 15,000t of wire rod in 2022. It estimated the consumption volume would reach about 1,000t in March, in line with February.
A consumer in West Malaysia reported that he bought around 1,000t of wire rod SAE1012 Φ6.5mm at MYR3,080 (USD688/t) on Thursday, while he did not place any order last week. "I got an offer of MYR3,100/t (USD692/t) one week ago and my supplier could accept a concession of MYR20/t (USD4/t) for firm orders," he said, adding that import price of wire rod from Indonesia went up by around USD20/t to USD670/t CFR Malaysia this week, so steel mills in Malaysia showed intention to hike prices in following days. Upon higher prices of imported materials, he deems that wire rod prices would go up by around MYR50/t (USD11/t) in the coming week.
The company, owning an annual consumption capacity of 20,000t for wire rod, consumed about 17,000t of wire rod in 2022, similar to 2021. It would use roughly 1,200t of the material in March, in line with February. It has an inventory of roughly 1,500t at present, up by 800t from one week ago.
Another consumer in West Malaysia reported that he bought around 800t of wire rod SAE1012 Φ6.5mm at MYR3,100/t (USD692/t) on Thursday, while he never placed orders more than 500t at once after the lunar New Year holiday. "I got the same offer one week ago but I showed hesitation at that time," he said, adding that when he heard higher offers for imported materials and rising prices of steel scrap, he placed orders actively this week. He has an inventory of about 1,200t at present, up by 400t from two weeks ago. Supported by higher cost, he is of the opinion that wire rod prices would move up by about MYR50/t (USD11/t) in the coming week.
Reporting an annual consumption amount of nearly 25,000t, the company used approximately 15,000t of wire rod in 2022. It estimated the consumption volume would reach about 1,000t in March, in line with February.
