Posted on 01 Nov 2024
Rebar import offers into Singapore have strengthened despite a lack of buying interest, Kallanish notes.
Theoretical-weight rebar from a leading Malaysian blast furnace mill is offered at $525-530/tonne dap (trucked to) Singapore, up $5-10/t last week.
The dap Singapore basis price is estimated to be $5-10/t higher than on a cfr Singapore basis.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $520-525/t cfr Singapore theoretical weight, down $7.50/t on week.
Offers for Chinese theoretical-weight rebar are similarly higher this week, with offers heard at $540-545/t cfr Singapore, up from $535/t cfr last week.
“Market sentiment is strong because of the large meeting in China next week,” a Singapore importer notes. Importers want to wait-and-see and monitor that meeting, he adds.
In Hong Kong, Chinese actual-weight rebar is prevailing at $535-550/t cfr Hong Kong, importing sources say.
There is no buying interest however, a local buyer says.
The anticipated legislature meeting of the standing committee of the National People’s Congress scheduled on 4-8 November is expected to reveal details of Beijing’s planned massive fiscal stimulus.
Source:Kallanish
