Rebar import markets in Singapore and Hong Kong fell below $800/t cfr. He states that rebar from the Middle East is returning to the market and is once again the most competitive.
Rebar cargo of 25,000 tons of theoretical weight for June shipment from Oman concluded approximately ten days ago at $795/t cfr Singapore. A Qatari rebar cargo is heard being offered at $800/t cfr Singapore. In Hong Kong, real weight rebar is offered at $785/t cfr from the United Arab Emirates and $790 cfr from Saudi Arabia. These were for the July shipment.
Regional trading sources say there may be some deals by some Chinese traders who placed orders to cover their short positions with hedging in the futures market. “I heard some sales to Hong Kong buyers at $760-785/t cfr but I have no idea about the purchase price with mills,” a Hong Kong trader said.
Vietnamese real weight rebar is currently offered at $797/t cfr Hong Kong. It is heard that Malaysian and Indian theoretical weight rebar has been offered at $800/t cfr Singapore. Traders also place offers for rebar loads for long-term shipping. “Theoretical weight rebar offers are available as low as $750/t cfr for shipment by January 2023. This is clearly not supported by the manufacturers. “A regional trader in Singapore is a trader exposed on forward delivery.”
There are unconfirmed rumors in the market that rebar from the UAE is being sold to Singapore at $670/t fob (estimated $720/t cfr). A Singaporean trader heard that the deal was closed at lows of $700, but added that he heard the seller had specific issues with the buyer. Others say the price is too low for a physical back-to-back deal and they think $770/t cfr is more realistic. Rebar was valued at $45 weekly lower at a theoretical weight of $770-790/t cfr Singapore.
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