Posted on 02 Sep 2022
The rebar import market has slipped in Singapore with certain foreign sellers lowering export offers this week, Kallanish notes. Market sentiment is weak amid sluggish demand, a poor global economic outlook and weakness in the Chinese steel market.
Chinese rebar export prices have come down by $15/tonne, a Singapore trader says. He adds that offers for theoretical-weight rebar from China are now at $605/t fob, down from $620/t fob last week. Chinese rebar is still not competitive but its selling price is under pressure, the trader says. Singapore buyers’ asking prices are much lower at under $570/t cfr, he says.
Rebar from Malaysia is heard offered at $590-595/t delivered-at-place (dap) Singapore since last week. A second Singapore trader says the Malaysian mill would not change its offer prices because buying interest is thin. “Buyers can wait because the market is slow. So, they will not buy unless they can get cheaper material,” he observes.
A Singapore user took the balance tonnage of a prompt theoretical-weight rebar cargo from Oman which is due to arrive Singapore next week. The 14,000 tonnes was eventually contracted at $572/t cfr Singapore, down from the seller’s offer of $574/t cfr last week. Smaller buyers had already booked 15,000t of the same cargo at around $585/t cfr Singapore previously.
Apart from this distressed cargo, theoretical-weight rebar originating from the Middle East for October shipment is heard offered at $605/t cfr Singapore, down from $620/t cfr last week.
In Hong Kong, offers for Chinese actual-weight rebar are heard at $630/t cfr, while an importer in Hong Kong thinks quotes were at $645/t cfr. A trader is offering an October-shipment cargo for actual-weight rebar from Oman at $605/t cfr Hong Kong, a buyer says. “I think no one bought it yet,” he adds.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $580-590/t cfr Singapore theoretical weight, down $15 on-week.
Source:Kallanish
