Singapore rebar import market receptive to lower Indian offers
Preference for Indian rebar has been growing steadily in the key Singapore import market due to the lower offers for such materials, sources told Fastmarkets during the week to Monday June 21.
Market participants reported Indian material being offered as low as $750 per tonne cfr Singapore on a theoretical weight basis by traders, which is very close to buyers' preferred purchasing price, a trader in Singapore told Fastmarkets.
There were also bids at $720 per tonne cfr Singapore for imported cargoes, although traders said cargoes could not be secured at such levels.
No deals were done at the $750 per tonne level, but sources indicated buyers were gradually more accepting of Indian cargoes because of the relatively cheap prices. Meanwhile, Indian sellers are reportedly willing to reduce their offers to dispose of their cargoes.