Asian wire rod prices rose on the week Nov. 23 after offer levels were increased by $10/mt, buyers returned to purchase cargoes, and tradable levels firmed up.

          Platts assessed SAE1008 6.5 mm diameter mesh-quality rod at $555/mt FOB China Nov. 23, up $10/mt week on week.

          A major Chinese mill offered for February shipment wire rod at $570/mt FOB China, up $10/mt on the week, while traders reported that wire rod cargo was also being offered at $560/mt FOB China. A mill source reported that cargo was sold at $570/mt for February shipment but did not provide details of the destination, nor volume.

          "Liquidity-wise, most demand is coming from Europe," a trader in China said.

          "Prices are now pretty stable, prices firmed up after a week," a trader based in the Philippines said, adding that "some suppliers are expecting better prices in the market."

          In the domestic Chinese market, prices remained stable as "supply is tight in the short term, while demand remains slightly weak," a trader source said.

          Platts assessed the physical price in Shanghai's retail market for Q195 6.5 mm wire rod at Yuan 4,020/mt($562/mt) ex-stock, including 13% value added tax, unchanged on the week.

          Chinese rebar futures weakened, with the most actively traded rebar January 2023 contract on the Shanghai Futures Exchange closing at Yuan 3,691/mt ($516/mt) Nov. 23, down Yuan 14/mt ($2/mt) on the day and falling by Yuan 51/mt ($7/mt) week on week.