Posted on 06 Jan 2023
The rebar import market in Singapore is rising because of suppliers' bullish expectations, Kallanish notes. However, the market was quiet during the past week due to the slow return of market participants after the year-end holiday.
Offer prices for imported rebar to Singapore are higher. A Malaysian blast furnace mill is now offering theoretical-weight rebar for late-February/March shipment at $630/tonne delivered to Singapore up from $615/t during the week before. In Hong Kong there is a trader’s position cargo of actual-weight rebar for March shipment, either Malaysian or Middle Eastern origin, on offer at $625/t cfr.
Prices are rising due to expectations of a strong demand rebound after the lunar new year which commences at the end of this month. This demand expectation is particularly so for Chinese traders, a Singapore says. He heard that they are taking long positions in the market.
He and others note that the rebar market has lifted in the past three weeks. A booking for 25,000t of Omani theoretical-weight rebar took place at $594/t cfr Singapore during the second week of December, Singapore market sources report. At that time, the mill’s offer was at $600/t cfr, and it has since raised its offer to $620/t cfr.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $600-605/t cfr Singapore theoretical weight, up $12.5 on-week.
Source:Kallanish
