Posted on 28 Oct 2022
Buying interest is thin for rebar imports in Singapore and Hong Kong this week, Kallanish notes.
The market mood is gloomy, a Singapore trader says. There is no buying interest because buyers prefer to “wait-and-see,” he says. Prices have softened by $10/t since the start of this month, he adds.
Limited size range of 16-32mm diameter theoretical-weight rebar from China is offered at $560/tonne cfr. A Malaysian mill is indicating an offer price at $585/t delivered to Singapore. Trading sources have not heard any news relating to a 25,000t cargo of Omani rebar this week and assume that it rermains unsold. The trader of that cargo was offering the cargo at $575/t cfr last week. . The same trader had sold a similar cargo at the same price level to a leading Singapore stockist on 13 October. (Kallanish passim)
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $570/t cfr Singapore theoretical weight, down $2.5 on-week.
In Hong Kong, Middle Eastern actual-weight rebar for December/January shipment is being offered at around $575/t cfr. The offer is for a minimum order of 25,000t. A Vietnamese mill is indicating offers at $570/t fob which is uncompetitive.
“There is no rush to book cargoes,” a Hong Kong importer says. There is sufficient inventories for Hong Kong end-users to last to the year-end. He anticipated that buying could return next month when some will undertake stock replenishment for January-shipment cargoes.
Source:Kallanish
