Posted on 30 Oct 2020
The regional rebar market remains quiet in Southeast Asia. Buyers in Singapore have this week mostly been checking in the market for offer prices but they backed away after noting that offers are much higher than recent booking prices earlier this month.
Chinese offers for mid-December are prevailing at above $500/tonne cfr Singapore, theoretical-weight basis. Chinese traders are offering 10-32mm rebar from a popular Chinese mill for end-December/January shipment at $500/t cfr, and for February shipment at $485/t cfr.
"We're coming towards the end of the peak season in China," a Singapore trader says. Based on the pattern of the past two years, there will be a downward price correction next month, he notes. But he does not expect prices to come down so much because iron ore is still firm. Singapore stockists can afford to wait because they have sufficient stocks.
A Turkish January-shipment rebar cargo was booked at around $465/t cfr Singapore theoretical weight two weeks ago. Kallanish raised its weekly BS4449 500B 10-40mm diameter rebar price to $465-470/t cfr Singapore theoretical weight, up $2.5 on week.
In Hong Kong, offers for Turkish rebar were hiked this week to $490/t cfr actual-weight basis. A buyer does not think there were any cheaper offers. Turkish rebar was booked at around $472/t cfr Hong Kong 2-3 weeks ago.
Source:Kallanish
