Posted on 12 Apr 2024
The rebar import market has been quiet in Singapore and Hong Kong, Kallanish notes. Despite the upturn in the Chinese steel futures, importing sources are not convinced that the market’s rise is sustainable. The near-term market outlook is uncertain because there have not been any meaningful production cuts in China, but at the same time, raw materials prices have come up from their recent lows.
Malaysian theoretical-weight rebar for April/May shipment is offered at $520/tonne trucked to Singapore, equivalent to $510-515/t cfr Singapore. This is unchanged from last week. The offer was around $515/t cfr on Monday, market sources in Singapore say. “I think $515/t is still possible but I have no intention to buy yet,” an importer says Thursday. He says that buyers are waiting to see what will happen next, although prices seem to have bottomed out after iron ore stabilised.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $510-515/t cfr Singapore theoretical weight, unchanged on-week.
Chinese-origin theoretical-weight rebar is also offered slightly higher at $538-540/t cfr Singapore, up from $530-535/t cfr last week. In Hong Kong, offers for actual weight from the above-mentioned Malaysian mill are prevailing at $530/t cfr, up $5/t from last week.
Source:Kallanish
