[SMM Steel] Wire Rod Prices Finally Rise
[Indonesia] Today, wire rod prices rose by 5 USD/metric ton to 510 USD/metric ton FOB. This increase was not actually triggered by external pressures or any fundamental changes; it was simply a price hike set by the mills. With the steel mills raising prices so suddenly, the market is likely to see some movement, and tomorrow we may see how the market reacts. However, given that market sentiment is already bullish, this price hike may cause buyers to reconsider their purchases, as prices were already considered high and there were almost no transactions taking place.