Import markets for rebar and wire rod in East Asia are quiet amid further price deterioration, Kallanish notes. The lack of any foreseeable price support, as well as persisting negativity continue to deter most buyers from returning to the market.

In Singapore, Malaysian-origin theoretical-weight rebar is the most competitive for cargoes trucked by road at $615/tonne dap (delivered at place), importing sources say. While this price level may attract some buyers, most will wait, a Singapore trader observed on Thursday. He believes there is enough inventory in the market. Last week, several small-tonnage orders of rebar from the same Malaysian mill concluded at $640/t.

Offers for theoretical-weight rebar from Vietnam are heard at $630-640/t cfr. Some traders are inviting bids for Middle Eastern rebar at $650/t cfr but these are subject to mills’ confirmation, an importer says. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $615-620/t cfr Singapore theoretical weight, down $22.5 on-week.

Traders are giving offers for actual-weight rebar from Malaysia and the Middle East at $640-655/t cfr Hong Kong, importing sources say. A buyer estimates that Vietnamese rebar is offered at $665/t cfr Hong Kong. “I think that there are no deals at the moment,” he says. Inventory levels are currently high in the market.

Meanwhile, low-carbon wire rod offer prices are also falling in the region on account of traders' short selling in recent weeks. These offers are for open origin of Asean and Chinese material.

Small-tonnage deals for 6.5mm SAE 1008 regional wire rod concluded at the start of the week at $575-580/t cfr Manila. "But traders are now asking for lower bids," a Manila trader says. “The market crash is bad for buyers. As we speak, there are orders at $700/t levels which are being shipped or in transit.”

Bids are now being invited at $560/t cfr, which is $30 lower than last week, another Manila trader reports. Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $570-580/t cfr Manila, down $25 on-week.

In Thailand, Malaysian 6.5mm, SAE1008 wire rod is currently offered at $550/t fob, which would be equivalent to $580/t cif Thailand. The offer is from a trader affiliated with the mill, so it is a short-position offer. Last week, regional offers were heard at $595/t cif.