Posted on 21 Jul 2023
Middle Eastern rebar has become competitive once again in East Asia, Kallanish notes. Overall, rebar prices appear to have softened slightly from last week.
A Chinese trader sold a 10,000-20,000-tonne lot of theoretical-weight rebar from Qatar at $545/tonne cfr Singapore at the end of the week through 14 July, Singapore trading sources report. The cargo is due for August shipment. At that time, Middle Eastern rebar offers were at $550/t cfr.
The lowest offer in Hong Kong is from the same Middle Eastern mill at $550/t cfr for actual-weight rebar for September shipment, Hong Kong importing sources say. The mill’s offer was pegged at $560/t cfr last week. A 50,000t cargo from the mill was ordered at $525-530/t fob actual weight for August shipment. Freight for that cargo size is around $40/t. "The cargo could be for a forward contracts delivery," an importer says.
A leading Malaysian mill’s offer for theoretical-weight rebar for August shipment is prevailing at $550/t delivered by truck (dap) Singapore, or around $540/t cfr Singapore. Its offer was at around $550-555/t dap last week.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $540/t cfr Singapore theoretical weight, down $2.5 on-week.
Source:Kallanish
