Posted on 19 Jan 2024
The rebar import market continues to drift in Singapore on market uncertainties, the volatile Chinese steel futures, and few signs of improved steel demand in the region, Kallanish notes. Suppliers are maintaining offers because of high-priced raw materials.
A Malaysian mill’s offer for theoretical-weight rebar is maintained at around $570/tonne trucked to Singapore, equivalent to $565/t cfr Singapore. This would apply for minimum 10,000-tonne orders. This offer price level is unchanged from last week.
A Singapore importer is heard by some market sources to have booked a large tonnage of rebar from the mill at $560/t trucked basis two weeks ago. There could have been some wire rod in the order too. But this deal is not confirmed by others who think that the price sounds too low. Kallanish assesses BS4449 500B 10-40mm diameter rebar at $560-565/t cfr Singapore theoretical weight, unchanged on-week.
“The rebar market is quiet,” a Singapore trader says. But construction activities are still on-going, he adds. The mill is offering actual-weight rebar at $570/t cfr Hong Kong.
Source:Kallanish
