Posted on 23 Dec 2022
Offer prices for imported rebar to Singapore and Hong Kong continue to rise from last week but most buyers' bid levels are trailing behind hiked offer levels, Kallanish notes. Exporters of rebar are undeterred by the recent downward price correction in the Chinese steel futures.
Malaysian rebar is offered in the market as other sources including the Middle East have not been active in recent weeks. Malaysian theoretical-weight rebar is offered at $600-610/tonne delivered to Singapore, up from $590-595/t last week. “There are some who say that the offer has moved up to $615/t dap,” a Singapore trader says.
There are some buyers aiming to book March shipments from the mill at under $600/t dap Singapore, another Singapore trader says. He notes that offers are now at the minimum of $600/t. He also hears of a trader seeking to cover material for a rebar deal closed in end-October/November at $520/t cfr Singapore. The trader has problems securing cargo as offers are above $600/t cfr, he notes. Kallanish assessed BS4449 500B 10-40mm diameter rebar at $590/t cfr Singapore theoretical weight, up $10 on-week.
A Hong Kong importer hears that actual-weight rebar from the above-mentioned Malaysian mill is now offered at $620/t cfr Hong Kong. He heard a deal recently taking place at $610/t cfr Hong Kong. He doubts an end-user booked at this level because local demand is “a bit” slow and prices are still lagging behind. But the transaction price is possible for speculative position-taking, he adds.
Source:Kallanish
