Bargain hunters in Singapore buying Turkish rebar

Bargain-hunting buyers in Singapore buyers are indeed turning to Turkish rebar after prices for ferrous scrap in Turkey fell to their lowest in close to three years over the past week.

The weekly Fastmarkets price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $440-450 per tonne for the week to Monday September 16, down $20 per tonne from a week earlier. Some 30,000 tonnes of Turkish rebar were sold to Singapore on either Monday or Tuesday last week at $450 per tonne cfr. These involved at least two buyers, according to sources. “The fob price is about $410-415 per tonne fob, based on freight rates of about $40 per tonne,” a trader in Singapore said last Friday. But by Friday, offers for...

Published

Paul Lim

September 16, 2019

11:12 GMT

Singapore