Posted on 06 Jun 2024
One of the Gulf Cooperation Council's most export-oriented mills sealed rebar deals towards the end of last week destined for Singapore and Hong Kong, Kallanish learns.
The supplier typically sells 50,000-tonne cargoes in the Hong Kong market.
Two separate deals of 50,000t each are understood to have been concluded, one for Singapore for June loading and the other for Hong Kong for end-June/early-July load readiness. The deal prices were at around $517/tonne fob theoretical weight – approximately $510/t actual weight.
A source familiar with the transaction says: “The deals were done following a surprise enquiry, and [the supplier] suggested adding $25/t sea freight to fob prices to calculate cnf prices."
Source:Kallanish
