Posted on 04 Nov 2022
The rebar import market in Singapore and Hong Kong is soft. But as prices are not coming down as quickly as for wire rod, no deals are heard to have concluded this week, Kallanish notes.
A Malaysian mill’s offer price for blast furnace theoretical-weight rebar is heard at $560/t delivered to Singapore, down $25 from last week. This would be equivalent to $560/t cfr. Offers for Middle Eastern rebar are now at $560/t cfr, down from $570-575/t cfr last week. Theoretical-weight 16-32mm diameter rebar from China is offered at $560/t cfr unchanged from last week. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $550-560/t cfr Singapore theoretical weight, down $15 on-week.
Mills and traders are now asking for firm bids, but buyers want to wait-and-see, a Singapore importer says. In Hong Kong, a trader's bid at $550/t cfr for Middle Eastern actual-weight rebar earlier this week was not accepted, Hong Kong importing sources say. The supplier's offer was $575/t cfr Hong Kong. A Vietnamese blast furnace mill's latest offer for its actual weight rebar and wire rod is $570/t fob, a Vietnamese trader says on Thursday.
The mills are trying to hold on to their rebar export prices because they are already incurring losses, a Singapore trader says. He was told that losses were incurred at under $600/t based on iron ore prices before the recent market correction. Wire rod import prices are falling more quickly because traders are shorting the market with Chinese material. Amid wire rod falling to $515-545/t cfr in the region this week, buyers anticipate rebar prices to follow suit (see separate report).
Source:Kallanish
