Imported rebar markets in Singapore and Hong Kong remained sluggish this week. Offers from China fell following a decline in China's rebar futures market. Buyers in both regions took a cautious stance, expecting prices to fall further due to market conditions.
In Singapore, Chinese rebar offers have fallen by around USD 10 per ton from last week and are currently priced at USD 490-500 CFR. Despite the lower offers, some Chinese mills have raised their prices to USD 500-510 CFR in response to the stronger Chinese yuan (CNY).
Market sentiment in Singapore remains bearish, with traders viewing the futures market as weak and expecting further price declines. Some traders noted that prices of other steel products have also fallen, adding to the negative outlook. BS4449 500B 10-40 mm diameter rebar is currently assessed at USD 470-475 CFR in Singapore.
Meanwhile, Malaysian rebar offers on a DAP (delivered-at-place) Singapore basis were previously priced at USD 480-485 per ton, down USD 5 per ton from last week. However, according to local traders, these offers have been withdrawn as the mill is now targeting higher prices.
In Hong Kong, Chinese rebar offers for November shipments are priced at USD 485 CFR. However, demand for November shipments is currently low and no deals have been signed. While a stronger CNY may push prices higher, market participants do not expect significant increases due to sluggish demand. Some expect prices to fall by as much as USD 10 per ton for shipments after November and producers are likely to lower their final offers.
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