Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
We have learned that the price of imported rebar during Singapore's JSH440W steel holiday has dropped to the lowest level since November 2020. We assess that the mainstream price of imported rebar in Singapore is currently around $515-520 per ton of CFR (calculated).
Specifically, the Malaysian quotation provides us with a competitive price. A mainstream steel mill is currently quoting $520/ton for rebar in DAP Singapore (calculated), a decrease of $10/ton compared to the previous week. We understand that there is still some room for negotiation in the current quotation. Due to a decrease in JSH440W steel production costs, the steel mills are not in a hurry to sell. The steel mills have stated that they can accept an inquiry price of $515 per ton of DAP at the lowest. We have learned that the spot price in China is slightly higher than that of Malaysian steel mills, and the spot export price of Chinese steel mills is 525 US dollars per ton CFR Singapore. In addition, the Vietnamese rebar is priced at $530 per ton CFR Singapore, slightly higher than Malaysia and China.
At present, there are some infrastructure projects planned in Singapore, and the demand for rebar is relatively stable. Due to the upcoming Eid al Fitr holiday (April 10, 2024), some demand has slowed down. We have learned that some market participants in Indonesia and Malaysia were on vacation at the beginning of the week, so we expect JSH440W steel demand to relatively weaken this week.
