Singapore worker dormitories isolated on virus outbreak; rebar demand weakens further

The isolation of two foreign worker dormitories and an outbreak of Covid-19 infections among construction workers in Singapore have further dampened demand for imported rebar, market sources told Fastmarkets.

Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore, which mainly looks at cargoes sold into Singapore on a theoretical-weight basis, was $408-410 per tonne on Monday April 6, down by $20-22 per tonne from $430 per tonne a week earlier.
A major Russian steelmaker started offering rebar to Singapore at $410 per tonne cfr in the past week, slashing its offers in light of weak demand elsewhere.

Bids were at $405 per tonne cfr Singapore from buyers who were bargain-hunting but not urgently looking...


Paul Lim

April 06, 2020

09:05 GMT