Limited spot trade in Singapore rebar import market keeps prices unchanged

Limited spot trade for rebar imports into Singapore kept prices unchanged during the week to Monday July 5, sources told Fastmarkets.

Two major Indian steel mills raised their offer prices to $750-760 per tonne cfr Singapore on a theoretical weight basis, up by $5-10 per tonne week on week. But this did not mean that spot prices had increased, according to sources.
"Demand for imported material is extremely low because buyers have a lot of inventories and are not looking for additional material," a buyer source in Singapore told Fastmarkets.
Other stockists and steel fabricators are also in no rush to purchase domestic supplies from a major stockist, another buyer source in Singapore said.

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