China's new steel tax policies boost Singapore rebar import prices

Singapore's rebar import prices are getting a boost from the new ferrous tax policies announced by China, market sources said.

China's Ministry of Finance said on April 28 that there will be no taxes for semi-finished steel, such as billet, causing buyers in Asia to rush to procure cargoes in anticipation of shortages in the spot market if China starts purchasing more quantities.
This has caused prices in Asia to spike week on week.
Fastmarkets' assessment for steel billet, import, cfr Manila was at $685 per tonne cfr on Friday April 30, up by $30-35 per tonne from $650-655 per tonne a week earlier.

The assessment for steel billet, import, cfr China was at $670-685 per tonne, up by $23-25 per tonne from...

Published

Paul Lim

May 03, 2021

13:54 GMT

Singapore