Singapore rebar import prices continue downtrend on weak demand

Import prices for rebar in Singapore continued to fall in the week to Monday May 31 amid sustained bearishness in the Asian market, sources said.

Buyers continued to abstain from purchases, and instead watching out for when offers stop falling in the region before they commit to any cargoes, a buyer source in Singapore told Fastmarkets.
Most major buyers also have a lot of inventory, which makes it unnecessary for them to restock amid a price downtrend.
Omani rebar was offered at $770-775 per tonne cfr Singapore on a theoretical weight basis in the past week, while position cargoes of Indian products were offered by traders at $745 per tonne cfr Singapore on a theoretical weight basis.

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