Singapore’s Long Term Material Demand Remains Low, China’s Snail Export Quotation Temporarily Leads Market

Recently, the supply and demand fundamentals of Singapore’s long material market have remained stable, with actual imported thread prices remaining unchanged on a weekly basis, currently around $535-540 per ton of CFR.

At present, a Malaysian steel plant is quoting 540 US dollars per ton of CFR, calculated. A Vietnamese steel mill quoted $545 per ton of CFR, a decrease of $5 per ton compared to the previous week. At present, although there is still some downstream demand in Singapore, the overall demand is relatively sluggish.

  I haven’t heard any quotes from steel mills in China and the Middle East recently. A Singaporean trader has stated that if China quotes below $550/ton FOB, it may decrease by $5/ton compared to the previous week. However, the quote of $550/ton FOB is also far from the expected price of the importer.

  In terms of wire rods, the wire rods with Chinese steel specifications of 6,5mm are priced at 525-535 USD/ton CFR to Singapore, which has decreased compared to before. Mysteel also learned that there are still some low-priced advantageous resources being exported to Singapore. At present, a mainstream steel mill in Indonesia offers wire rods at a price of 525 USD/ton FOB, which is approximately 550 USD/ton CFR.