Singapore rebar import prices increase on anticipated tighter supply

Spot rebar import prices in Singapore increased during the week to Monday July 19 on bullish sentiment caused by an anticipated tightening of spot supply, sources told Fastmarkets.

Indian steel mills are sold out August-shipment rebar to Hong Kong and were not offering more material to Singapore for the time being, sources said.
Transactions to Hong Kong were concluded at $765-770 per tonne cfr Hong Kong on an actual weight basis this week, which caused buyers to estimate Singapore import prices at $750 per tonne cfr on a theoretical weight basis.
Buyer sources at Singaporean steel fabricators said they were not willing to purchase at more than $750 per tonne cfr Singapore on a theoretical weight basis.

“Many Indian steel mills have been silent and there isn’t much spot supply now,” a trader in Singapore told Fastmarkets...


Paul Lim

July 19, 2021

10:23 GMT