Posted on 29 Nov 2024
The rebar import market into Singapore is weighed down by weak sentiment this week, Kallanish notes.
Suppliers are keeping offers at roughly similar levels from last week and buyers continue to stay on the sidelines. The market mood is quiet with very thin trading activity.
A leading Malaysian blast furnace mill is offering theoretical-weight rebar for January/February shipment at $495/tonne trucked to Singapore, compared to $500/t dap last week. The dap Singapore basis price is estimated to be $5-10/t higher than on a cfr Singapore basis.
It is possible for the mill to accept lower prices if it has firm bids, a buyer says. Market sentiment is bearish, he adds.
Offer for Chinese-origin theoretical-weight rebar for January/February shipment are prevailing at around $500/t cfr Singapore, down $5 from last week.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $485-490/t cfr Singapore theoretical weight, $5/t lower from last week.
Source:Kallanish
