The purchase of NatSteel Holdings in Singapore by trader Toptip Holding from India's Tata Steel could result in the city state exporting rebar to China eventually, market sources told Fastmarkets this week.
"This is due to the production cuts in China, which could result in further steel shortages in the future," a trader in Singapore told Fastmarkets on Friday October 1.Toptip Holding purchased 100% of Tata Steel's stake in NatSteel on Thursday September 30 for $172 million, according to NatSteel's announcement on the same day. This does not include NatSteel's wire business in Thailand, Siam Industrial Wires, it said. The payment will...