Posted on 16 Jun 2023
Suppliers have raised prices of rebar in East Asia in tandem with strong Chinese steel futures and iron ore, Kallanish notes.
A Malaysian mill’s offer for theoretical-weight rebar is this week at around $560/t cfr tonne delivered by truck or around $550/t cfr Singapore. Last week, its offer was at $555-560/t delivered. The mill’s offer for actual-weight rebar to Hong Kong has gone up by $10/t to $575/t cfr.
The Malaysian mill sold some tonnages early this week to traders, market sources say. “They [the mill] are full this week, I feel,” a trader close to the deals says. A buyer thinks that the cargoes sold were for July shipment and transacted at $550-555/t delivered. “That’s why they lifted prices,” he notes.
Middle Eastern rebar is currently less competitive with offers heard at a minimum of $570/t cfr Singapore, importing sources say. Rebar prices are higher due to the rebound in Chinese futures and the uptrend in iron ore, a Singapore buyer notes.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $550/t cfr Singapore theoretical weight, up $2.5 on-week.
Source:Kallanish
