Posted on 16 Oct 2020
The regional rebar market was flat in Southeast Asia despite some buying activity when Turkish rebar export prices were lowered during the week, Kallanish notes. Suppliers of Chinese longs have raised their export offer prices.
There does not seem to have been much more trading activity after a deal earlier in the week for 55,000 tonnes of Turkish rebar at $472/tonne cfr Hong Kong actual weight. A trader reports hearing that 5,000t of Taiwanese rebar sold at $480/t cfr Hong Kong. The week before, Russian-origin rebar for December shipment was booked at $470/t cfr, actual-weight basis.
In Singapore, Turkish rebar is offered at $460-465/t cfr Singapore, theoretical-weight basis. Chinese rebar is less competitive because of the strengthened CNY. Chinese rebar is offered at $510/t cfr Singapore, theoretical-weight basis, compared to $500-510/t cfr before the holiday. No deals were heard done during the week. Kallanish maintained its weekly BS4449 500B 10-40mm diameter rebar price at $460/t cfr Singapore theoretical weight.
In the Philippines, deals for blast furnace SAE 1008 6.5mm diameter wire rod from Indonesia recently concluded at $500/t cfr Manila, Manila-based trading sources say. A trader heard that this took place either late last week or early this week.
Indonesian-origin wire rod offers are currently prevailing at $505/t cfr Manila. Chinese wire rod is offered at $530/t cfr, up from $520/t cfr at end-September before the Chinese holiday. A 5,000t parcel of Vietnamese SAE 1018 induction-furnace wire rod was booked this week at $495-497/t cfr Manila.
In Thailand, blast furnace SAE 1008 6.5mm diameter wire-rod from Malaysia concluded last week at $505/t cif. The cargo is for November/early December shipment. Kallanish assessed SAE 1008 6.5mm diameter wire rod at $500/t cfr Manila, $2.5 higher on-week.
Source:Kallanish
