Singapore's rebar market at a standstill amid suspended construction

Singapore's rebar market has come to a complete standstill due to a suspension of all construction activity in the island nation apart from that for key infrastructure projects as a measure to contain the spread of the Covid-19 virus.

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 $390-410 per tonne on Monday April 20, unchanged from a week earlier.
A major Indian steelmaker offered its rebar at $425 per tonne cfr Singapore on an actual weight basis in the past week, which is equivalent to around $410 per tonne cfr Singapore on a theoretical weight basis.

But there was scant interest from Singaporean buyers because...

China's gold holdings to central bank reserves still low

China has broad effect on gold market

Gold stocks mixed after previous week's huge gains

Large TSXV gold multiple driven up by high Artemis weighting

Monetary-driven precious metals outperform major base metals