Rebounding billet prices in China support Singapore rebar sentiment

Rebounding billet import prices in China are supporting rebar spot prices in Singapore, sources toId Fastmarkets during the week to Monday September 13.

The active buying of imported billet by traders to sell to Chinese rerollers has caused sentiment in Asia for semi-finished and long steel to rebound, a buyer source in Singapore said.
"With billet being sold at almost $720 per tonne cfr China, it is unlikely that rebar will continue to see current price levels very soon," he said.

Indian rebar continued to be offered at $720 per tonne cfr Singapore on a theoretical weight basis by a trader, although this cargo has already been discharged from its vessel and...

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