Posted on 25 Oct 2024
Rebar import offers into Singapore continued to slip amid softening steel market sentiment in China, Kallanish notes.
Theoretical-weight rebar from a leading Malaysian blast furnace mill is offered at $520/tonne dap (trucked to) Singapore, down from $540/t dap last week. The dap Singapore basis price is estimated to be $5-10/t higher than on a cfr Singapore basis.
Other origins in the market are higher however. These include offers at around $535/t cfr for Chinese rebar and for rebar from Vietnam and the Middle East, at $550/t cfr Singapore. All are for December shipments.
Market sentiment is weak, as buyers prefer to wait-and-see unless they really need cargoes, a Singapore trader says. Suppliers are waiting for bids, another trader notes.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $530/t cfr Singapore theoretical weight, unchanged on-week.
In Hong Kong, importers can try bidding at $535-540/t cfr for actual-weight rebar from China, a local buyer says. Traders may accept these bids, he adds. But he believes that buyers are preferring to buy rebar with forward shipments instead of spot cargoes. These are for rebar for cargoes for May 25 and October 25 cargoes.
Source:Kallanish
