Singapore rebar import prices continued to fall by $15/mt
On April 10, the assessment price of Singapore rebar imports was $630/ton (CFR), down $15/ton week-on-week.
According to Singapore market news, at the beginning of this week, a long-process mainstream steel mill in Vietnam rebar to Singapore was quoted at a price of 640 USD / ton (CFR) according to the weight of the export; At the beginning of the week, some overseas traders to Singapore quoted a mainstream export price of $640/mt (CFR). Last weekend, a Singaporean buyer ordered a batch of 25,000 tons of rebar from a mainstream Vietnamese long-process steel mill at a reasonable weight price of US$630/ton (CFR) for a shipment date of early May, and last week a Hong Kong buyer purchased a batch of 30,000 tons of rebar from the Vietnamese steel mill at a real weight price of USD645/ton (CFR).
According to a trader in Southeast Asia, the current demand for rebar in Vietnam’s domestic market is sluggish, so Vietnamese steel mills have been actively selling rebar to overseas markets recently, especially recently a mainstream steel mill in Vietnam has resumed production of at least 3 blast furnaces, and the rebar surplus situation is more serious. Most of Singaporean buyers continue to be bearish on rebar import prices, with one saying that China’s economic recovery is not as strong as originally expected, while in Vietnam, the real estate sector remains sluggish due to liquidity crunch.
Note: 630 USD = 4334 RMB (based on the exchange rate of RMB to US dollar on April 11)
Southeast Asian wire rod import prices fell by 10-15 USD / ton
On April 10, the assessment price of Southeast Asian wire rod (low-carbon) imports was 595-600 USD / ton (CFR), down 10-15 USD / ton week-on-week.
According to Southeast Asian market news, at the beginning of this week, the mainstream export quotation of Chinese wire rod to Southeast Asia was 600 USD / ton (CFR), and some Chinese traders to Southeast Asia spot wire export quotation of 595-600 USD / ton (CFR); At the beginning of the week, the wire produced by the Indonesian blast furnace process was exported to other Southeast Asian countries at a price of $630/ton (CFR). In the Philippine market, due to the Easter holiday from April 6 to 10, the actual transaction of imported wire rod in the latest week is very limited. In addition, in Taiwan, the wire spot market in the past week has also been in a downturn.
Note: USD 595-600 = RMB 4094-4128 (RMB to USD exchange rate on April 11)
