Singapore rebar import prices dip on Turkish economic woes

Import prices for rebar in Singapore dipped over the past week amid lower offers for Turkish product resulting from economic jitters in the country.

Metal Bulletin’s assessment of import prices for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis - was $545-550 per tonne cfr for the week to Monday August 13, down from $550 per tonne cfr a week earlier.
Market sources said the weakening lira had caused dollar-denominated export cargoes to be offered at lower levels.
Traders said trades involving Turkish rebar were being negotiated at $545-550 per tonne cfr Singapore, down from $550 per tonne cfr a week earlier.
There was market chatter that a large cargo of Turkish materials had been sold into Singapore within the assessed range. But details of the transaction could not be confirmed at the time of writing.
End-users said they were looking to buy imports at $545-550 per tonne cfr Singapore, and were offered products from Qatar and Turkey.

“The best offers are at $555 per...

Published

Paul Lim

August 13, 2018

10:37 GMT

Singapore