In Singapore, domestic rebar prices are at the level of 900-920 SGD/ton ($ 669-684/ton). A Singaporean trader said, “There are some stockists who are trying to sell at higher levels. The market is quiet due to market uncertainties." For rebar, it seems that the latest import offers are around $660/ton CFR.
A Bangkok trader noted that the upcoming Thai general elections in May could be a factor for the market to slow down. The rebar factory output of Thai EAF manufacturers was stable at 22.80 THB/kg ($661/ton). "Manufacturers are aiming to increase prices by 500 THB/ton ($14/ton) or more. But neither manufacturers are in a hurry to sell, nor buyers to restock," he said. He added that the prices of low-carbon wire rod are about 500-1,000 THB/ton higher than those of rebar.
Market rumors that the Iranian billet was booked at the $605/ton CFR Thai level two weeks ago were met with some skepticism. Traders know that Iranian billet was booked at $595/ton CFR on that date. "Even at the level of $595/ton, re-rolling mills will be the breakeven point at best because rebar prices are very low," said a Thai trader.
In Indonesia, the market is calm and stagnant. Domestic rebar prices are equivalent to $655-665/ton at factory output. There is an expectation in the market that the final steel market will hit bottom soon due to the upcoming Ramadan and Eid holidays. "Construction activities will slow down, so sales of finished rebar will similarly decrease," said a trader in the region.
"Raw material prices are increasing but manufacturers cannot increase finished steel prices," said a Vietnamese factory manager. "The demand in Vietnam is very weak." He concludes that local rebar prices remain around $700-710/ton.
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