Prices for imported rebar in Asia have retreated after the higher-prices deals signed over the past two weeks as competition between the regional sellers, China and Malaysia especially, has increased. The SteelOrbis reference price has fallen by $10-15/mt to $550-555/mt CFR Singapore on theoretical weight.
A deal for ex-Malaysia rebar has been reported at $560/mt delivered to Singapore, which translates to around $550-555/mt CFR, while the previous booking for the same origin rebar was at $560/mt CFR. In addition, ex-China offers at lower levels have been more present in the Asian market than in the middle of June. Even some large mills in China were ready to deal at $550-555/mt CFR Singapore, theoretical weight. Some market sources believe that, if the competition continues, buyers will try to get even lower price levels of $545/mt CFR Singapore or lower.
Offers for ex-Middle East rebar in Singapore have remained at higher levels of $560-565/mt CFR minimum.