Traders take long positions on Singapore rebar on expected near-term price increases

Traders are still taking long positions in the Singapore rebar import market due to expectations of near-term price increases, market sources told Fastmarkets.

A transaction was recently concluded at $525-527 per tonne cfr Singapore on a theoretical weight basis for Middle Eastern rebar by a trader who plans to resell the cargo later to end users in Singapore, sources said.
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 $525-527 per tonne on Monday, up by $8-10 per tonne from $517 per tonne a week earlier.

"The trader had secured volumes earlier when prices had...

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