Posted on 21 Jun 2024
Market sentiment for rebar is bearish in Singapore and Hong Kong with thin buying interest, Kallanish notes. Trades are lacking in the market because of weak demand.
A leading Malaysian mill’s theoretical-weight rebar for August shipment is currently offered at $525-530/tonne dap (trucked to Singapore). The mill’s offer is still unchanged at $530/t dap whereas traders are offering at $525/t dap, an importer says. The mill typically exports to Singapore by truck. The dap Singapore basis price is $5-10/t higher than cfr Singapore basis, market sources estimate.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $520/t cfr Singapore theoretical weight, down $2.5 on week.
In Hong Kong, offers for actual weight rebar for August shipment from the above-mentioned Malaysian mill are prevailing at $530-535/t cfr, a slight dip from last week’s $535/t cfr. "There is hardly any buying interest,” a Hong Kong buyer says.
A leading Vietnamese mill has lowered its offer for August-shipment rebar by $10/t this week. Its theoretical-weight base rebar offer is now at $515/t fob and at $530/t fob for actual weight. Freight to Hong Kong and Singapore is estimated at $20-25/t.
Source:Kallanish
