It's reported that the wire rod transaction prices have dropped in the Taiwanese market after the steel mills announced to cut the prices for September.
China Steel Corp. (CSC) reduced the list prices of steel wires and bars for September and October/November and the total price cut reached NT$3,100/ton.
As a result, the Taiwanese single rerolling mills followed CSC to cut prices, making the whole wire rod market become weak.
It's known that the Taiwanese single rerolling mills' latest list prices of Al-killed wire rods are at US$23,800~NT$24,000/ton; that of rimmed wire rod is at NT$23,500/ton and that of blast furnace killed wire rod is at NT$21,500~NT$22,500/ton.
Market insiders said that the actual selling prices of CSC's Al-killed wire rods are at NT$22,800~NT$23,000/ton while the single rerolling mills' selling prices are at NT$23,500/ton.
Thus, it's predicted that the single rerolling mills' selling prices of Al-killed wire rods might slide further in the near future due to weak market demand and the high prices.