Chinese rebar returns to Singapore, Hong Kong
The rebar import market continues to be sluggish in East Asia, Kallanish notes. Importers are full and not in a hurry to restock. There have been no new developments except the return of Chinese rebar to the market, regional market participants say.
“A trader is offering [theoretical-weight and for 10-40mm diameter] rebar from a range of second-tier Chinese mills at around $600/tonne cfr,” a Singapore buyer says. Malaysian blast furnace rebar is offered at around $600/t delivered-at-place Singapore – equivalent to $590/t cfr Singapore. These offers are for November shipments.
A trader’s position cargo of 25,000 tonnes of theoretical-weight rebar from the Middle East for October shipment is being offered at $580/t cfr Singapore. The trader previously sold last month 14,000t of rebar from Oman for prompt, early-September shipment at $572/t cfr Singapore. "Most Singapore players, including us, are full of rebar stock," an importer says. Buyers may nevertheless book if prices drop, which is more likely now that Chinese rebar is coming into the market, he adds.
Kallanish assessed BS4449 500B 10-40mm diameter rebar at $580-590/t cfr Singapore theoretical weight, unchanged on-week.
A certain Chinese mill meanwhile offered and sold certain sizes of actual-weight rebar at $600/t cfr Hong Kong last week. “There were only 3-4 sizes offered,” a trader says. The size range is probably 10-32mm diameter.
Oman rebar for October shipment is being offered at $602/t cfr Hong Kong actual weight, importing sources in Hong Kong observe. This matches with $580/t cfr for theoretical weight, a buyer says. “No one will get an October cargo now as we are all fully booked. I think we can wait for December shipments,” he adds.
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