Posted on 15 Dec 2023
Rebar prices continue to rise in Singapore, Kallanish notes. Traders are the main buyers in recent deals, Singapore market sources say. The stronger Chinese steel market and price uptick in raw materials have spurred higher steel prices in ASEAN.
A Malaysian mill’s offer for theoretical-weight rebar was raised further this week to $570/tonne trucked to Singapore, which is equivalent to $565/t cfr. The mill’s offer was $560-565/t trucked to Singapore last week. The offers are for cargoes of minimum 10,000 tonnes for end-February and early-March shipment. “There are no deals,” a regional trader says on this latest offer. He notes that market participants in Singapore have already started to take leave from work for year-end holidays.
The most recent orders for Malaysian rebar were concluded at $560-565/t trucked to Singapore, trading sources report. These took place around a week ago. “Recent sales have been to traders,” the regional trader says. Domestic rebar prices are largely flat, making it hard for end-users to accept higher import prices, an importer notes. Chinese rebar from a leading mill is being offered at $590/t fob theoretical-weight basis, up $10/t from last week.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $560-565/t cfr Singapore theoretical weight, up $10/t on week.
Source:Kallanish
