Prices of imported wire rod are narrowing in the Philippines, Kallanish notes. With the surge in the Chinese domestic and futures steel markets, Chinese material is losing its competitiveness.
Offers for Chinese mesh-grade 6.5mm diameter wire rod have gone up to $560-565/tonne cfr Manila, up $5 from last week. These are lower priced than quotes from the larger Chinese mills because they are believed to be shipped without full payment of VAT.
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