Posted on 13 Oct 2023
The rebar import market has weakened further in East Asia, Kallanish notes. Market uncertainties continue to weigh on demand in Singapore and Hong Kong.
Offers for imported rebar into Singapore have fallen this week. A Malaysian mill’s offer for theoretical-weight rebar is heard at around $540/tonne delivery by truck (dap), which would be equivalent to $535/t cfr Singapore. The mill's offer was set at $550/t dap last week and the week before the Chinese holiday.
“The figures should be negotiable now as raw materials are sliding,” a Singapore trader notes. While the offer of rebar from Malaysia is at $540/t dap, material can, in reality, be booked at $535/t dap Singapore, certain traders report. Rebar from Vietnam is so far heard unchanged from last week at $550/t cfr.
“Buyers are adopting a wait-and-see approach due to future uncertainties,” a regional trader says. “Chinese-origin rebar for November shipment and December delivery at $540/t cfr Singapore is not attractive compared to Malaysian rebar which can arrive more quickly, cheaply and in smaller tonnages. Singapore buyers currently want to buy smaller quantities on a need-to basis. "Some expect a recovery only after the Lunar New Year,” he adds.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $530-535/t cfr Singapore theoretical weight, unchanged on-week.
In Hong Kong, rebar from the above-mentioned Malaysian mill is currently indicated at $540/t cfr actual weight basis. Chinese-origin rebar offers are heard at $545/t cfr Hong Kong, importing sources say.
Source:Kallanish
