Import prices for rebar in Singapore fell over the past week with buyers taking the opportunity to stock up on the long steel product amid a softening Chinese market.
Metal Bulletin's assessment of import prices for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis - was $565-575 per tonne cfr for the week to Monday March 12, down $15 per tonne from a week earlier. A deal involving less than 5,000 tonnes of Chinese rebar was concluded at $570 per tonne cfr Singapore."A stockist took the chance to replenish its stockpiles this week because prices are falling," a trader based in Singapore said last Friday.Back-to-back mill cargoes of...