Spot prices for steel rebar imports into Singapore continued their downward trend in the week to Monday August 30 amid growing pressure on traders to slash offers due to unsold seaborne cargoes fast approaching the island state.
A trader had cut his offers for Indian rebar to $725-730 per tonne cfr Singapore on a theoretical weight basis.
Market sources said buyers remained silent due to the presence of the distressed cargoes.
"They may well let the cargo land and sit at Singaporean ports before bidding at a low prices and buying it cheap," a trader in China told Fastmarkets on August 27.
Back-to-back offers from Indian and Turkish steel mills were in the region of $745-760 per tonne cfr Singapore on a theoretical weight basis.