Offers for Chinese rebar were at $640-650 per tonne cfr Singapore on a theoretical weight basis, while Turkish steel mills were offering cargoes at $655-660 per tonne cfr Singapore. These are down by about $20-25 per tonne week on week.
“There are more offers from Chinese steel mills in Tangshan, because eastern China steel mills are bullish for after the Lunar New Year period and do not want to offload material,” a buyer source in Singapore told Fastmarkets on Friday January 22.
There were also position cargoes offered by traders at $625 per tonne cfr Singapore. The tonnages were not large, however, and some buyers did not express interest in them.
Falling raw material...