Prices for rebar imports into Singapore continued on an upward trend in the week to Monday March 1 on bullish sentiment caused by rebounding scrap prices and higher offers from key suppliers, sources told Fastmarkets.
Major steel mills in China and Turkey increased offers to $675-685 per tonne cfr Singapore on a theoretical weight basis, on the fast rebound of ferrous scrap prices around the world.
"Turkish steel mills are hesitating to offer rebar export cargoes now, especially with raw materials prices increasing," a major Singaporean buyer told Fastmarkets.
A major Chinese steel mill also increased its offer by $20 to $665 per tonne fob China, which is equivalent to $685 per tonne cfr Singapore.
Import scrap prices in Turkey surged rapidly last week on restocking for the Ramadan holidays in the country, hitting $452.50-454.00 per tonne cfr Turkey for cargoes from the United Kingdom and the Baltic Sea.
Scrap import prices in Asia have also increased, with Chinese buyers willing to...