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Kallanish Kallanish

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August, 5th 2020

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JUL 09
10:38

Southeast Asian longs market moves sideways

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The long products import market in Southeast Asia has seen some buying for wire rod, Kallanish notes. However, the delayed resumption of normal construction activities in Singapore continues to dampen buying interest for imported rebar.

In the Philippines, 15,000 tonnes of wire rod rolled for August shipment from an Indonesian blast furnace operator was ordered this week at $445/tonne cfr Manila, Philippine trading sources say. There are several stock lots of Chinese wire rod at $450/t cfr available in the market too, they add.

These position cargoes of a couple of thousand tonnes are for July/August shipments, a Manila trader says. He last heard offers for fresh Chinese wire rod cargoes at $465-470/t cfr Manila. “These are probably even higher now with the rising futures and equity markets and the gaining CNY,” he adds.

Kallanish maintained its SAE 1008 6.5mm diameter mesh-grade wire rod assessment at $445/t cfr Manila. 

In Singapore, rebar import buying continues to be at a virtual standstill because construction activities have not fully resumed. Offers for Chinese rebar are heard at the minimum of $475/t cfr Singapore, theoretical-weight basis, for Turkish rebar at $435/t cfr and Russian rebar at $430/t cfr.

These offer prices have no bearing until the construction market reopens, a Singapore trader says. Many ongoing projects have not proceeded after they were closed during the Covid-19 lockdown. The majority of workers are unable to return to work because they need to adhere to government measures and checks to prevent the pandemic spread.

On Thursday, Kallanish maintained its weekly BS4449 500B 10-40mm diameter rebar price at $420/t cfr Singapore theoretical weight.