Ramadan lull, weak lira drives down Turkish rebar offers to Singapore

The start of the Islamic holy month of Ramadan and a weak Turkish lira have made Turkey-origin rebar the most economical choice for Singaporean buyers, market sources said.

Fastmarkets MB's weekly import price assessment for rebar into Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $490 per tonne cfr for the week to May 13, down from $505 per tonne cfr a week earlier. Offers for Turkish rebar were at $490 per tonne cfr Singapore on a theoretical weight basis. However, such material was only offered on a 50,000-tonne basis. “Not many Singapore buyers can accept such a big cargo, although right now there is limited spot demand,” a Singapore fabricator...


Paul Lim

May 13, 2019

10:45 GMT