Posted on 07 Oct 2022
Long product import markets were quiet in East Asia this week, Kallanish notes. The rebar import market continues to be in a stalemate in Singapore with no transactions heard taking place. For the wire rod market, suppliers were not forthcoming with offers because off the long Chinese holiday.
A Malaysian mill is offering theoretical-weight rebar for December shipment at $590/tonne delivered-at-place Singapore, which would be equivalent to $580/t cfr Singapore. Rebar from Qatar is also offered at $580/t cfr Singapore. Chinese rebar of limited size range, mostly 16mm, 20mm, 25mm and 32mm in diameter, is offered at $580/t cfr. A cargo of more than 25,000 tonnes of Omani rebar, which is already at Singapore port, is being offered at $590/t cfr.
An importer says he has no interest to book rebar at the moment. “Most end-users are well-stocked,” he notes. “No one is buying.” He understands Singapore market inventories are full, with some users holding up to four months of stock. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $580/t cfr Singapore theoretical weight, down $2.5 on-week.
Meanwhile, offers for imported wire rod are scarce, say regional trading sources. “There are no offers due to the Chinese holiday,” a Manila trader observes. Offers for regional wire rod, that is from blast furnace mills in Malaysia and Indonesia, also come through Chinese traders, he adds. Small-tonnage orders for Chinese-origin wire rod took place at around $570/t cfr Manila last week. Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $570-575/t cfr Manila, unchanged on-week.
The market for imported wire rod is “very quiet” this week, a Thai trader says. Last week, he received a bid at $570/t cfr against an offer for Malaysian blast furnace 6.5mm wire rod for November/December shipment at $590/t cfr. The offer for Indonesian blast furnace wire rod was at $5-10/t higher, he adds.
Source:Kallanish
