Posted on 01 Jul 2022
The rebar import markets in Singapore and Hong Kong are weak and suppliers have reduced prices to close deals, Kallanish notes.
Malaysian-origin actual-weight rebar is heard by trading and importing sources to have been booked recently at $665/tonne cfr Hong Kong. “I heard this but I could not confirm the deal,” a Hong Kong buyer says. Earlier this week, a purchase for 50,00 tonnes of actual-weight Turkish rebar for September shipment to Hong Kong took place at $670/t cfr actual weight (see Kallanish passim).
Traders are offering theoretical-weight rebar from the Middle East and Turkey for August/September shipment at around $660/t cfr Singapore, importing sources say. No deals for imported rebar are heard to have taken place in Singapore this week.
A Singapore trader says that Turkish rebar is not workable in Singapore because buyers are aiming for lower prices. Compared to the heard price of Malaysian rebar of $665/t cfr Hong Kong actual weight, local buyers in Singapore would be able to source for theoretical-weight regional rebar possibly at $30/t lower. This is particularly due to lower freight costs from Malaysia, the trader notes.
Stockists in Singapore are still digesting their inventories, another Singapore trader says. “Prices are dropping so fast, buyers prefer to wait,” he adds. Middle Eastern rebar for August shipment was ordered two weeks ago at around $690-695/t cfr Singapore theoretical weight.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $640-650/t cfr Singapore theoretical weight, down $25/t on-week.
Source:Kallanish
