Posted on 10 Nov 2023
Rebar exporters to Singapore are keeping offers firm in line with the stronger Chinese steel futures market, Kallanish notes. But there is little buying activity heard because buyers appear to be taking a wait-and-see approach.
Firm offers are limited in Singapore, most trading sources say. A Malaysian mill’s offer for theoretical-weight rebar has risen slightly to $545-550/tonne delivery by truck (dap), which would be equivalent to $540-545/t cfr Singapore, market sources report. “The offers are mainly from Malaysia,” a Singapore trader. He does not hear of any recent deals.
The exporting mills are looking for higher prices this week, a buyer says. Some sources report the Malaysian mill aims to raise its offer to $555/t dap Singapore soon. This will be $10 higher from last week. “Iron ore prices are higher,” a Singapore trader says on the price hikes. Chinese rebar prices are even higher. A leading Chinese mill’s offer for theoretical-weight rebar is $550/t fob and freight is estimated at $20-25/t from China to Singapore.
While offers are creeping higher, buyers are not showing any interest to follow the uptrend. “Singapore and Hong Kong have booked sufficient quantities when prices were $525-535/t cfr and now they are sitting tight,” a regional trader notes. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $540/t cfr Singapore theoretical weight, up $5 on-week.
Source:Kallanish
