Singapore rebar import prices continue higher on raw material cost pressure

Prices for rebar imports into Singapore increased further during the week to Monday March 8 on cost pressure from the upstream raw material markets, sources told Fastmarkets.

Turkish steel mills hiked their offers continually over the past week to $680-690 per tonne cfr Singapore, refusing to budge on offers due to increasing ferrous scrap prices.
Import scrap prices in Turkey continued to rise last week amid restocking to feed downstream steel demand, with mills purchasing import cargoes at up to $460-461 per tonne cfr Turkey.
Scrap import prices in Asia have also increased, with Chinese buyers willing to pay up to $510-515 per tonne cfr for heavy scrap or Japanese HS cargoes last week.

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