Posted on 15 Nov 2024
Rebar import offers into Singapore and Hong Kong fell this week, Kallanish notes with the downward price correction reflecting weaker market sentiment.
It was hoped that during China’s NPC meeting last week direct stimulus favouring the construction and property sector would be announced but this did not materialise.
The offer for theoretical-weight rebar from a leading Malaysian blast furnace mill is lower at $505-510/t dap (trucked to) Singapore, compared to $510/t dap last week. The dap Singapore basis price is estimated to be $5-10/t higher than on a cfr Singapore basis.
Chinese theoretical-weight rebar is offered at $500-510/t cfr Singapore, compared to around $510/t cfr last week.
Traders are unclear if any rebar deals took place in Singapore this week. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $495-500/t cfr Singapore theoretical weight, down $10/t on week.
Offers for Chinese actual-weight rebar were also lower on Thursday in Hong Kong at around $505/cfr. Traders have previously booked some Chinese rebar cargoes to cover January shipment positions at $510-515/t cfr Hong Kong, importing sources say.
Chinese rebar offers were higher at $530-535/t cfr two weeks ago. “The weak RMB is a reason,” a Hong Kong buyer says. “Market sentiment is still bad,” he notes.
Source:Kallanish
