Posted on 14 Jul 2023
The rebar import market in East Asia was quiet this week, Kallanish notes. An uncertain market environment continues to depress buying sentiment.
Offers for theoretical-weight rebar are prevailing at $550/tonne cfr Singapore. These are for Middle Eastern and Vietnamese origins. A leading Malaysian mill’s offer for theoretical-weight rebar for August shipment has slipped from last week's $560/t delivered by truck (dap) Singapore to around $550-555/t dap, or around $540-545/t cfr Singapore.
A Singapore trader thinks that a buyer’s firm bid at $550/t dap should be accepted if it is a “firm bid with decent tonnage” of at least 10,000 tonnes. Rebar is prevailing at around SGD 840/t ($634/t), down from SGD 860/t last month. “Prices are sliding, so demand is just average but not good,” the trader says.
“I can’t see any real surge in demand yet,” an importer in Singapore opines. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $540-545/t cfr Singapore theoretical weight, down $7.5 on-week.
In Hong Kong, actual-weight rebar is still being offered at $560/t cfr, unchanged from last week. This week’s offer at this level is from the Middle East, whereas last week’s rebar offer was from the abovementioned Malaysian mill. “The Malaysian mill may be holding back today because of the improvement in China,” a Hong Kong importer says.
Source:Kallanish
