The imported rebar market in Singapore continues to decline with prices dropping to USD 500 per ton due to the seasonal lull in the construction sector.
Rebar for September shipment from Malaysia is currently priced around USD 500 per ton delivered at place (DAP) to Singapore, down from last week's official offer of USD 510-515 per ton DAP. The DAP Singapore price is USD 5-10 per ton higher than the cost and freight (CFR) basis. Recently, a stockist reportedly secured a large order of up to 50,000 tons of rebar from a Malaysian mill at USD 490-495 per ton CFR.
Chinese rebar offers have also decreased to USD 500-505 per ton CFR, reflecting the weak domestic market. Market participants are predicting that the market may only see improvement in October.
BS4449 500B 10-40mm diameter rebar was assessed at USD 490-495 per ton CFR Singapore, down USD 5 from the previous week.
In Hong Kong, orders for Chinese rebar for September/October shipments were transacted at around USD 500 per ton CFR earlier this week. Prices have been low over the past few days, likely because buyers were traders securing material for forward contracts. Current offers for Chinese rebar are now around USD 505-510 per ton CFR.
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