Prices for Singapore rebar have risen following an increase in ferrous scrap prices in the week to Monday April 5.
Rebounding ferrous scrap prices in key import market Turkey have caused sentiment to improve among Turkish mills, which have been actively seeking materials to feed downstream long steel demand from Asia.
Prices have reached as high as $430 per tonne cfr Turkey for United States-origin material, and $420.64 per tonne cfr Turkey for Europe-origin material.
“This is an increase of $10-20 per tonne from the previous transactions,” a scrap trader in East Asia told Fastmarkets.
*** Turkish steel mills
Turkish steel mills have raised offers for rebar to Asia correspondingly, offering at $680-685 per tonne cfr Singapore on a theoretical weight basis.
There were ongoing negotiations for 50,000 tonnes of rebar at $675 per tonne cfr Singapore on a theoretical weight basis, with a Turkish steel mill offering to a Singapore-based steel fabricator.
This comes after around 200,000 tonnes were sold to Singapore in the past week.
The strong demand for finished steel in key scrap import markets such as Taiwan and Vietnam have also caused scrap purchase prices to increase, especially in the midst of a shortage of Japan and US-origin scrap.
*** price assessment for rebar
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 $675 per tonne cfr on Monday April 5, up $15-25 per tonne from $۶۵۰-۶۶۰ per tonne cfr Singapore a week earlier.
*** Wire rod
Steel mills have raised their offers for wire rod amid the ongoing uncertainty over steel export rebates from China.
Sellers are riding on the bullish sentiment caused by the looming announcement of China to cut export rebate to offer high at prices synonymous with reduced rebates.
A major Indonesian steel mill was heard to be offering wire rod exports at $710-720 per tonne cfr Philippines late last week and on Monday, although some market sources said it had been heard offering at $700 per tonne cfr Philippines earlier last week.
A major Malaysian steel mill was heard to be offering wire rod exports at $690 per tonne cfr Philippines late last week, and at $705 per tonne cfr Philippines on Monday.
A major Vietnamese steel mill was heard to be maintaining offers for wire rod at $715 per tonne fob, with no revisions in offers heard.
Buyers in the Philippines have been extremely quiet, balking at the high offers. The Filipino economy has also not been doing well due to renewed lockdowns stemming from new spikes in the number of Covid-19 infections.
“Buyers are able to accept import prices at $680-685 per tonne cfr Philippines,” a trader in the country told Fastmarkets.
There were no offers from China, with sellers still hesitant to offer China-origin wire rod due to the possible steel export rebate cuts.
*** price assessment for steel wire rod
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 $680-685 per tonne on Monday, up $20-25 per tonne from a week earlier.
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