Two cargoes consisting of 60,000 mt and 50,000 mt of Turkish rebar have recently been loaded for Hong Kong and Singapore, with contract prices at $460-465/mt FOB Turkey.
Market sources expect that the cargo sent to Hong Kong will cover three months’ demand. As a result, rebar demand in Hong Kong has slackened and is now at weak levels. Moreover, firm bids from the buyers in Hong Kong for Turkish rebar are currently in the range of $485-490/mt CFR on actual weight basis.
Additionally, buyers’ firm bids in Singapore for ex-Turkey rebar are reportedly at $480-485/mt CFR on theoretical wight basis, but Singaporean rebar buyers are currently in no rush to conclude any bookings.