Posted on 18 Dec 2020
Rebar import prices continued to rise fueled by the continued rally in raw materials markets and strong market sentiment. Offer prices have crossed the $600/t cfr level, which drew little surprise from market participants who are no longer daunted by steel prices escalating to new recent highs, Kallanish notes. Steel prices are higher too on account of higher freight costs, traders say.
Offers to Singapore have gone to $615/tonne cfr for February shipments of theoretical-weight rebar from Turkey, trading sources say. Chinese mills are indicating at similar levels. Buyers are still slow to react. A trader says that they are talking of buying at $580/t cfr, which was last week’s offer levels.
Demand for rebar is good now as construction activity in Singapore has swung back to pre-Covid levels. "Buyers would need to replenish for some sizes [of rebar]," he says. He believed that these buyers would be prepared to pay around $600/t,
In Hong Kong, a Chinese mill was heard earlier this week to have sold actual-weight 10-32mm rebar due for shipment by February to the trader at the equivalent of $590/t cfr Hong Kong. This was booked by a trader who is aiming to cover for a short position, traders said. A previous order for similar rebar for January shipment concluded last Friday at $585/t cfr.
Kallanish raised its weekly BS4449 500B 10-40mm diameter rebar price to $590-600/t cfr Singapore theoretical weight, up $37.5 week-on-week.
Source:Kallanish
