Posted on 02 Aug 2024
The import market for rebar is still sliding in Singapore, Kallanish notes. Prices have touched $500/t as the regional market undergoes a seasonally weak period for construction.
Theoretical-weight rebar for September shipment from Malaysia is prevailing at around $500/t dap (trucked to Singapore), down from last week’s official offer at $510-515/t dap. The dap Singapore basis price is $5-10/t higher than cfr Singapore basis. A leading stockist is heard by some importing sources to have booked a large tonnage of up to 50,000t rebar from the Malaysian mill recently at $490-495/t cfr.
Chinese theoretical-weight rebar offers have fallen to $500-505/t cfr amid the weak domestic market there. "Some are saying that the market will only improve in October," a buyer says.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $490-495/t cfr Singapore theoretical weight, down $5 on week.
In Hong Kong, orders for Chinese actual-weight rebar for September/October shipments transacted at around $500/t cfr earlier this week. "Prices were low in the last couple of days," an importer says. He thinks that the buyers were traders covering material for forward contracts. Offers for Chinese rebar are prevailing now at $505-510/t cfr.
Source:Kallanish
