Import offers for rebar sold to Singapore rose in the past week, but demand for such cargoes remains weak, market sources told Fastmarkets.
Offers for Indian and Turkish rebar were made at $450-455 per tonne cfr Singapore on a theoretical weight basis during the week. These are $10 per tonne higher week on week.
“Downstream demand remains low because many contractors have not been able to increase construction activity at work sites,” a source at a steel fabricator told Fastmarkets on Thursday July 30.
Another buyer source said that while sellers continued to check in with them on a weekly basis, there really was no demand among Singapore fabricators.
“As a result, traders are all doing business in other markets other than rebar, such as billet or hot-rolled coil,” he said.
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 $430-435 per tonne on Monday, unchanged from a week earlier.
***Wire rod
Transactions involving Indian wire rod were concluded at $465 per tonne cfr Philippines during the week.
These had been offered to the Philippines at $460 per tonne cfr. Such cargoes are subject to a 1% import duty.
Indonesian and Malaysian wire rod was offered to the Philippines at $465-470 per tonne cfr during the past week.
Offers for blast furnace-based wire rod from China were made to the same country at $480 per tonne cfr, down by $5 per tonne week on week. But Chinese wire rod remains too costly for buyers there.
Fastmarkets’ weekly price assessment for steel wire rod (low carbon) import, cfr Southeast Asia, which mainly focuses on low-carbon mesh-quality material sold to the Philippines, was $465 per tonne on Monday, narrowing downward by $5 per tonne from $465-470 per tonne cfr a week earlier.
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