Posted on 24 Mar 2023
Prices of imported rebar in East Asia slipped during the week on market uncertainties and the weaker Chinese steel market, Kallanish notes.
A leading Singapore stockist ordered 25,000 tonnes of theoretical-weight rebar from Oman last week at $655-657/tonne cfr Singapore. The cargo is for end-April shipment. Offer prices for Middle Eastern rebar have since slipped to $650/t cfr, a Singapore trader said on Thursday. Another hears that offers for Middle Eastern rebar are currently at $645/t cfr Singapore.
A Malaysian mill’s offer for theoretical-weight rebar has also fallen this week to $655/t delivered to Singapore, which is equivalent to $645/t cfr. Its offer last week was $660-665/t delivered. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $640-645/t cfr Singapore theoretical weight, down $5 on-week.
Meanwhile, Chinese-origin actual weight rebar is heard to have been ordered at $660/t cfr Hong Kong. A trader reports hearing the deal taking place some days ago. “I have heard that rebar from the Middle East and Malaysia has dropped below $660/t cfr,” a buyer said on Thursday. He is unsure of the exact offer price. “There are offers but they can be negotiated [down],” he added.
Source:Kallanish
