Rebar import prices fall below $500/t cfr in east Asia
The offered price of imported rebar in east Asia has fallen to below $500/tonne cfr from $510/t cfr in mid-October. The decline is in tandem with weaker scrap prices and bearish sentiment for finished steel. Weak demand due to the approaching wintry conditions in the northern hemisphere has also contributed to the slowdown. "There are few buyers for rebar regardless of the price offered," a trader in Singapore notes. "Buyers are scared off when they see prices falling." Turkish rebar is being offered at $480-490/t cfr Singapore. Last heard offers from China were above $500/t cfr. "Buying has slowed down because there is more than enough rebar in the market to last through January," another Singapore trader says. "Buyers believe that they can get lower prices next month so they would rather wait for prices to settle," an importer adds. Offer prices of rebar in Hong Kong have dipped to around $480/t cfr for Turkish-, Korean- and Taiwanese-origin bars, trading sources say. "Demand is slow everywhere," a trader tells Steel Business Briefing. But he believes that this will change in the second quarter of next year due to the start of new construction projects in Hong Kong and Macau. Around 20,000 tonnes of Korean rebar was booked at $490/t cfr Hong Kong early last week, another trader tells SBB.
Billet import prices slide in bearish SE Asian market
Billet import offer prices have slipped by $15-20/t to $450-460/t cfr Southeast Asia in the past two weeks for December and January shipments from Russian Far East and Black Sea ports, and Turkey. Buying is sluggish because importers anticipate further softening in prices. "There is some buying in the region but buyers are holding back," a regional trader tells Steel Business Briefing. Quantities being booked are smaller than usual and are restricted to keeping rolling operations going. He tells SBB that $450/t is the current market price because higher-priced offers at $460/t cfr will not attract any buying interest. The Taiwanese have indicated that they can accept an export price of $450/t cfr Philippines but buyers are bidding at $440/t cfr, a trader in Manila tells SBB. Currently, buyers rather wait for prices to settle down than book billet. But they will start buying next month because they have to prepare for next year. "It will be a better first-quarter," he tells SBB. Traders report that a few small deals were concluded in the previous week at $460/t cfr Vietnam and at $465/t cfr Indonesia. Thai trading sources say that there was a prompt November shipment of CIS billet recently booked at $450/t cfr. "Buying is slow because it is just the end of the rainy season and worldwide sentiment is poor," a Thai trader says. He believes that Thai buyers will return to the market in mid-November in order to book January/February shipments.
Iron ore prices trend higher last week, says The Steel Index
The latest daily iron ore reference prices released by The Steel Index last Friday show that the price for 62% Fe content iron ore has been trending higher during the week and ended more than 2% above the previous Friday's level. The reference price for 62% Fe content iron ore fines finished the week at $88.10/dry metric tonne CFR Tianjin port, China. This was a $1.80/dry metric tonne increase from a week earlier. The reference price for 58% Fe fines also moved generally higher during last week, and ended $2.10/dmt above the previous week's level. Within the delivered prices, rates for shipments from both the West and East coasts of India were stable. Freight rates from Australia to China began firming in the middle of the week, pushing the weekly average higher, while daily rates from Brazil to China increased nearly 20% during the week.
The offered price of imported rebar in east Asia has fallen to below $500/tonne cfr from $510/t cfr in mid-October. The decline is in tandem with weaker scrap prices and bearish sentiment for finished steel. Weak demand due to the approaching wintry conditions in the northern hemisphere has also contributed to the slowdown. "There are few buyers for rebar regardless of the price offered," a trader in Singapore notes. "Buyers are scared off when they see prices falling." Turkish rebar is being offered at $480-490/t cfr Singapore. Last heard offers from China were above $500/t cfr. "Buying has slowed down because there is more than enough rebar in the market to last through January," another Singapore trader says. "Buyers believe that they can get lower prices next month so they would rather wait for prices to settle," an importer adds. Offer prices of rebar in Hong Kong have dipped to around $480/t cfr for Turkish-, Korean- and Taiwanese-origin bars, trading sources say. "Demand is slow everywhere," a trader tells Steel Business Briefing. But he believes that this will change in the second quarter of next year due to the start of new construction projects in Hong Kong and Macau. Around 20,000 tonnes of Korean rebar was booked at $490/t cfr Hong Kong early last week, another trader tells SBB.
Billet import prices slide in bearish SE Asian market
Billet import offer prices have slipped by $15-20/t to $450-460/t cfr Southeast Asia in the past two weeks for December and January shipments from Russian Far East and Black Sea ports, and Turkey. Buying is sluggish because importers anticipate further softening in prices. "There is some buying in the region but buyers are holding back," a regional trader tells Steel Business Briefing. Quantities being booked are smaller than usual and are restricted to keeping rolling operations going. He tells SBB that $450/t is the current market price because higher-priced offers at $460/t cfr will not attract any buying interest. The Taiwanese have indicated that they can accept an export price of $450/t cfr Philippines but buyers are bidding at $440/t cfr, a trader in Manila tells SBB. Currently, buyers rather wait for prices to settle down than book billet. But they will start buying next month because they have to prepare for next year. "It will be a better first-quarter," he tells SBB. Traders report that a few small deals were concluded in the previous week at $460/t cfr Vietnam and at $465/t cfr Indonesia. Thai trading sources say that there was a prompt November shipment of CIS billet recently booked at $450/t cfr. "Buying is slow because it is just the end of the rainy season and worldwide sentiment is poor," a Thai trader says. He believes that Thai buyers will return to the market in mid-November in order to book January/February shipments.
Iron ore prices trend higher last week, says The Steel Index
The latest daily iron ore reference prices released by The Steel Index last Friday show that the price for 62% Fe content iron ore has been trending higher during the week and ended more than 2% above the previous Friday's level. The reference price for 62% Fe content iron ore fines finished the week at $88.10/dry metric tonne CFR Tianjin port, China. This was a $1.80/dry metric tonne increase from a week earlier. The reference price for 58% Fe fines also moved generally higher during last week, and ended $2.10/dmt above the previous week's level. Within the delivered prices, rates for shipments from both the West and East coasts of India were stable. Freight rates from Australia to China began firming in the middle of the week, pushing the weekly average higher, while daily rates from Brazil to China increased nearly 20% during the week.
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