Asian rebar buyers have provided great support to international sellers over the past two weeks as they have booked huge import volumes in several cargoes from Turkey and one lot from Qatar. The positive situation in China and the general uptrend in the market are the key reasons for the active restocking.
According to sources, over the past two weeks Turkish mills have booked at least six rebar cargoes to Asia each for around 50,000 mt, for January-February shipments. The bookings started at $460-475/mt FOB base, with the latest ones reported in the market at $480/mt FOB, SteelOrbis has learned. On CFR basis, the deal prices to Hong Kong were at around $490-500/mt CFR on actual weight basis and the latest sale was closed at $505/mt CFR, sources report. In Singapore, the delivered prices are estimated at $480-495/mt CFR on theoretical weight basis, sources say.
In addition, a buyer from Hong Kong has booked 50,000 mt of rebar from Qatar at $505/mt CFR which corresponds to around $480/mt FOB, SteelOrbis understands.
More negotiations are underway in Singapore and Hong Kong, sources report. “They are always in the market and are ready to buy if the price is right. Nowadays, it seems the market will remain positive for a while,” a Turkish producer said. Offers from Turkey have increased by $10/mt this week to $490-500/mt FOB and above, but still they may be found to be more competitive compared to China, which is nowadays standing at $530-550/mt FOB.