News Room - Steel Industry

Posted on 30 Sep 2022

East Asian rebar market enters standstill

The rebar import market in East Asia is in a stalemate, Kallanish notes. Importers are in no hurry to restock and offers continue to stream into the Singapore and Hong Kong markets at unchanged prices.

A trader’s position cargo of 25,000 tonnes of theoretical-weight rebar from Oman that arrived this week is being offered at $580/tonne cfr Singapore, unchanged from last week. The trader of this cargo had previously sold a portion of another Oman rebar cargo at $572/t cfr Singapore last month. Rebar from United Arab Emirates is also being offered at $585/t cfr Singapore.

A Chinese mill is offering theoretical-weight 16-32mm rebar at $585-590/t cfr Singapore. Restrictions are imposed for quantities of the smaller sizes including 10mm and 12mm diameter, a Singapore importer says.

Traders report hearing that a 50,000t Qatari rebar cargo was booked this week and will be split equally between the Singapore and Hong Kong markets. The transacted price on an actual-weight basis was heard at $540-545/t fob Qatar and the offer to Hong Kong at $600-610/t cfr. However, end-users have not heard of the material showing up.

A Hong Kong importer is yet to hear of this cargo. “Rebar offers are still at $600/t cfr. There is no buying interest, though,” he says. A Singapore trader adds: "There have so far been no offer for this 50,000t cargo. Singapore buyers are not keen to book rebar because of growing fears of a recession and also because of the strength of the US dollar against the Singapore dollar.”

“The majority of users still have high inventories,” a Singapore user says. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $580-585/t cfr Singapore theoretical weight, down $2.5 on-week.