Posted on 11 Nov 2022
The rebar import market in Singapore continues to be weak, Kallanish notes. Market sentiment is bearish and most buyers are holding back because they perceive that the market has not bottomed yet.
A Malaysian mill’s offer price for blast furnace theoretical-weight rebar is heard at $550/tonne delivered to Singapore, down $10 from last week. This would be equivalent to $540/t cfr Singapore. A trader is offering 10,000t of Middle Eastern rebar, now lying at Singapore port, at $540/t cfr Singapore. The cargo is believed to be from Oman. The seller of this cargo had sold a 25,000t Omani rebar cargo three weeks ago at $575/t cfr Singapore.
Traders are in the market with offers of rebar for forward delivery at around $520/t cfr Singapore. These forward contracts stipulate rebar cargoes for shipment by March-October 2023 delivery. Such a deal transacted last in October, trading sources report.
Traders are indicating rebar offers at around $560/t cfr actual-weight to Hong Kong, importing sources say. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $540/t cfr Singapore theoretical weight, down $15 on-week.
Source:Kallanish
