Import prices for rebar into Singapore have increased following surges in offers by Turkish steel mills.
Turkish steelmakers have increased offers to $770-780 per tonne cfr Singapore on a theoretical weight basis, following the rapid ascent of imported ferrous scrap prices.
Middle Eastern producers in the Emirates and Qatar have also offered cargoes to Singapore at $745 per tonne cfr Singapore on a theoretical weight basis in the past week, mirroring offers to Hong Kong at $740 per tonne cfr Singapore on an actual weight basis.
Turkish steel mills have
booked 10 deep-sea cargoes in the past week at increasing prices, with the highest recorded at $510 per tonne cfr.