Posted on 08 Dec 2023
Rebar prices continue to creep up in Singapore and Hong Kong, Kallanish notes. A stronger Chinese steel futures market and firm raw materials are fuelling price hikes.
A Malaysian mill’s offer for theoretical-weight rebar was raised further this week to around $560-565/tonne delivered by truck (dap), which would be equivalent to around $555-560/t cfr Singapore. This is $5/t higher than the offers heard last week at around $555-560/t dap. The mill raised offers to follow the strengthening in Chinese steel futures, a Singapore trader says.
Another Singapore trader reports hearing that a leading stockist booked a 30,000-tonne cargo at nearly $560/t dap last week. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $550-555/t cfr Singapore theoretical weight, up $5/t on week.
In Hong Kong, actual-weight rebar offers for January/February shipment are prevailing at $570-575/t cfr Hong Kong, market sources say. Direct offers from the Malaysian mill and a Vietnamese mill are at a minimum of $575/t cfr. “The offer at $570/t cfr is likely for a trader’s position cargo," a buyer says. He believes that transactions may have already taken place at close to $570/t cfr.
Last week, the Malaysian mill's actual-weight rebar was heard offered at a minimum of $565/t cfr Hong Kong. A Chinese trader ordered last week a large tonnage of actual-weight Malaysian rebar for January shipment at $556/t cfr Hong Kong, a Singapore-based importer hears.
Source:Kallanish
