Malaysian wire rod price likely to go up
2013-02-07 09:30:16 [Print]
BEIJING (Asian Metal) 7 Feb 13 - The price of wire rod in Malaysia has been on an upward trend recently and it is likely to go up further after the Chinese New Year holiday (February 9 to 18) when the demand is stronger and local mills raise ex-works prices. The current price of SAE1008 Φ5.5mm from local mills is MYR2,150-2,200/t (USD700-720/t).
A hard drawn wire producer in Johore reported that the current price of wire rod SAE1008 Φ5.5mm from local mills is MYR2,150/t, up by MYR50/t compared with that of early last week.
The source informed that local mills such as Southern Steel and AM Steel lifted prices of wire rod by MRY50/t last week, so the market price moved up accordingly. Meanwhile, the Malaysian government decided to impose an anti-dumping tax on wire rod from China which is as high as 25%, and it is such good news for mills in Malaysia that the source believed they will lift prices after the Chinese New Year. The source will take the holiday from this Friday and his current stock of wire rod is 200t.
Another drawn wire producer in Perak reported that the current price of wire rod SAE1008 Φ5.5mm from local mills remains stable at MYR2,180/t.
The source said although the current market in Malaysia is dull when the Chinese New Year is approaching and most participants are to leave for the holiday at the weekend, he thought the wire rod price will go up after the holiday.
For one thing, the high anti-dumping tariff on imported wire rod will prevent low-cost materials from pouring into the local market, so mills in Malaysia will be encouraged to lift prices. Currently, the export price of wire rod from China is USD580-600/t CFR Malaysia, much lower than the local price; for another, it is said that the export rebate of wire rod (with boron) in China will be removed at the end of March, which means the export in China will be blocked. Therefore, the price of wire rod in Malaysia is much likely to go up after the Chinese New Year.
A hard drawn wire producer in Johore reported that the current price of wire rod SAE1008 Φ5.5mm from local mills is MYR2,150/t, up by MYR50/t compared with that of early last week.
The source informed that local mills such as Southern Steel and AM Steel lifted prices of wire rod by MRY50/t last week, so the market price moved up accordingly. Meanwhile, the Malaysian government decided to impose an anti-dumping tax on wire rod from China which is as high as 25%, and it is such good news for mills in Malaysia that the source believed they will lift prices after the Chinese New Year. The source will take the holiday from this Friday and his current stock of wire rod is 200t.
Another drawn wire producer in Perak reported that the current price of wire rod SAE1008 Φ5.5mm from local mills remains stable at MYR2,180/t.
The source said although the current market in Malaysia is dull when the Chinese New Year is approaching and most participants are to leave for the holiday at the weekend, he thought the wire rod price will go up after the holiday.
For one thing, the high anti-dumping tariff on imported wire rod will prevent low-cost materials from pouring into the local market, so mills in Malaysia will be encouraged to lift prices. Currently, the export price of wire rod from China is USD580-600/t CFR Malaysia, much lower than the local price; for another, it is said that the export rebate of wire rod (with boron) in China will be removed at the end of March, which means the export in China will be blocked. Therefore, the price of wire rod in Malaysia is much likely to go up after the Chinese New Year.
