Posted on 08 Mar 2024
The rebar import market remains soft, Kallanish notes. The market has been flat amid buyers' bearishness and a market slowdown in China.
A Malaysian mill’s direct offer for theoretical-weight rebar for April delivery has fallen to $555/t trucked to Singapore, for orders of minimum 10,000t. Its offer was at $560/t cfr last week. Tonnages below 10,000t could be offered higher.
It is quiet in Singapore, an importer says. The market is awaiting the outcome of the ongoing meeting of the National People’s Congress of China to see if there will be any new government stimulus packages to support the steel market, he says. Chinese theoretical-weight rebar is offered at $560/t fob or $580/t cfr Singapore, a Singapore trader says.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $555/t cfr Singapore theoretical weight, down $5 on-week
In Vietnam, a leading mill is heard last week to have sold 50,000t of actual-weight rebar at $555/t cfr Hong Kong. This is highly possible because Vietnamese rebar export prices are around $570-575/t cfr Cambodia and freight to Hong Kong is cheaper, a Vietnamese mill manager says. He heard that the mill also recently reduced its scrap purchase prices by the equivalent of $20-24/t.
Like before, when the Vietnamese mill was heard to sold a large tonnage to Singapore and Hong Kong two weeks ago at $560/t cfr, the mill is keeping its official export price high. This week, the mill’s rebar offer price for actual-weight rebar is $565/t fob, Vietnamese sources say. Last week, its official price was $570/t fob.
The mill’s official export price appears to be for appearances only, a trader says. He will not be surprised if another lot may be sold this week at $550/t.
Source:Kallanish
