Spot prices in the Singapore rebar import market continued to weaken over the past week on lower raw materials prices in the ferrous scrap markets and bearish sentiment caused by the outbreak of the coronavirus.
Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $430-440 per tonne for the week to Monday February 10, down $10-20 per tonne from $450 per tonne cfr a week earlier.Sellers of Turkish rebar lowered offers by another $10-15 per tonne to $440 per tonne cfr, especially with upstream ferrous scrap prices continuing to...