Posted on 01 Sep 2023
The rebar import market in Singapore and Hong Kong continues to be quiet this week, Kallanish notes.
Theoretical-weight rebar from Malaysia is offered at $540-545/tonne delivered by truck (dap) to Singapore, or $530-535/t cfr Singapore. Last week, an offer for Malaysian rebar was heard at $545/t cfr Singapore. The tradeable level is at $540/t dap, a Singapore trader says.
A leading Vietnamese mill is currently offering theoretical-weight rebar to Singapore at $550/t cfr Singapore. The mill’s offer last week was $550-555/t cfr. Rebar offers from China are prevailing at $555/t cfr. The market is very quiet because overall demand for steel is weak, a trader in Singapore says.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $530-540/t cfr Singapore theoretical weight, down $5 on-week.
The above-mentioned Vietnamese mill’s indicative offer price for actual-weight rebar is $5/t lower this week at $550/t cfr Hong Kong, importing sources say. An importer says that he does not hear of bids for the October shipment rebar cargoes. However, he believes that there are Hong Kong buyers who booked forward delivery rebar cargoes which were recently offered at around $535/t cfr for October 2024 shipment cargoes. “Everyone has their target price for this. But I don’t know at which [booking] price,” he says.
Source:Kallanish
