The rebar import market in Singapore is muted, with most suppliers making offers at above buyers’ bids. The most competitive offers are from India, Kallanish understands.
Indian rebar quotes are prevailing at $735-740/tonne cfr Singapore, theoretical-weight basis. A Singapore importer was heard on Tuesday bidding at $730/t cfr. It is unclear if the bid was accepted. Other offers for imports are higher-priced. Rebar from Turkey is indicated at above $780/t cfr Singapore, while offers from China are at above $900/t cfr.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $735-745/t cfr Singapore theoretical weight, down $5 on-week.
In Hong Kong, actual-weight Indian rebar is also offered at $735-740/t cfr. A Vietnamese mill is offering 20,000 tonnes of actual-weight rebar for August or September shipment to Hong Kong. Its offer for 10-40mm Grade 500B rebar is at $720/t fob – base price for 12mm-32mm – with $10/t charged extra for 10mm- and $20/t for 40mm-diameter.
Vietnamese rebar is not a regular export fixture and has been not competitive in recent months, Hong Kong importing sources say. Freight from Vietnam is around $20/t to Hong Kong, Vietnamese trading sources observe.
In Thailand, stoppages in many construction projects due to tightened Covid-19 measures have dented the domestic rebar market. Thai electric arc furnace actual-weight rebar prices were cut by up to THB 300/t ($9/t) to around THB 23,000/t ($718/t) ex-works late last week. Some induction furnace mills are offering material at THB 21,500-22,000/t. Mills and stockists want liquidity now because steel sales have virtually stopped, a Thai trader says.
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