A new deal for ex-Vietnam rebar has been disclosed as having been done to Singapore last week, with the reference price remaining stable at the previous level. This proves that ex-ASEAN rebar has remained the most popular and competitive in Singapore as the previous trades were for ex-Malaysia material.
A contract for around 20,000 mt of ex-Vietnam rebar has been closed at $815-818/mt FOB on theoretical weight basis, which equates to $850-858/mt CFR Singapore. Last week, the SteelOrbis reference price was reported at $850-860/mt CFR, signalling a stabilization in quotations. Earlier this month, offers for ex-Vietnam rebar were coming at $870/mt CFR, but the supplier gave discounts to attract customers.
Ex-China rebar prices are still at $830-840/mt FOB and, even though some discounts are possible, this level is still higher than the prices that buyers in Singapore could get for ex-ASEAN rebar. Offers from Turkish mills have been still uncompetitive, at significantly above $900/mt FOB.