Imported rebar offers continue to fall in Singapore

Imported rebar offers in Singapore have continued to decline, reflecting the weakening sentiment in the steel market. A leading Malaysian blast furnace mill has recently reduced its rebar offer to USD 520 per ton delivered at the port (dap) Singapore, down from USD 540 per ton last week. This dap price is estimated to be USD 5-10 per ton higher than offers based on a cost and freight (CFR) Singapore basis.

In contrast, rebar offers from other regions remain higher. Chinese rebar is currently being offered at around USD 535 per ton on a CFR basis, while shipments from Vietnam and the Middle East are priced at USD 550 per ton CFR Singapore, all scheduled for December deliveries.

Market sentiment remains sluggish, with buyers adopting a cautious approach and preferring to wait unless they have an urgent need for cargoes. Suppliers, on the other hand, are looking for bids to gauge market interest.

Locally, the assessed price for BS4449 500B rebar, in diameters ranging from 10 to 40 mm, remains steady at USD 530 per ton CFR Singapore, showing no change from the previous week.