Despite being offered at $545/ton for truck delivery to Singapore, Malaysian-origin rebar failed to attract interest from buyers. Similarly, offers for Filmasin are also at the same price level, resulting in delivery prices equivalent to $540/ton cfr Singapore.
The decline in iron ore prices is creating uncertainty in the market. While manufacturers are striving to fill their order books for April, end-users are delaying placing orders. Experts suggest that China will need to export, but will face competition from China-owned mega steel factories in ASEAN.
A Malaysian mill is offering actual weight rebar at $545-550/t cfr Hong Kong, but Chinese rebar is more competitive. Earlier this week, a cargo of 5,000-10,000 tonnes of Chinese actual weight rebar was booked at $542-545/t cfr Hong Kong
An importer in Hong Kong noted the presence of a high inventory of imported rebar in the Hong Kong market, with half of these stocks reserved for forward deliveries last year at $550-555/ton cfr.
Despite price fluctuations, the price of BS4449 500B 10-40 mm diameter rebar dropped to $540-545/ton cfr Singapore theoretical weight level with a weekly decline of $12.5.
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