Daily Steel News - 20 Aug 10

Offer prices dip for Turkish rebar to Singapore
Turkish rebar suppliers have lowered their offer prices for September production and October shipments this week to $608-610/tonne cfr Singapore. These prices caught traders in Singapore off-guard because offers from Turkey had been rising to around $650/t cfr last week, up from $610-630/t cfr. “They want to clear their rebar because their orders for rebar are not full. This is due to the ongoing fasting month,” a local trader tells Steel Business Briefing. However, offers for Turkish billet are still as high as $620/t cfr because billet demand is good and it is easier to sell to rolling mills in Asia, SBB is told. A trader claims that some 4,000-5,000 t of boron-added rebar (including 10mm and 13mm in diameter) from China was booked last week at $612/t cfr Singapore before the fall in Turkish rebar offer prices. Korean rebar is currently offered at $625/t cfr Singapore. Demand for rebar is not strong in Singapore, traders report. The relatively low domestic price of rebar at the equivalent of S$820 (US$606/t) delivered has dampened import buying, especially since offer prices have been rising. SBB is told that the domestic price has since been raised this week to S$850/t (US$628/t). “Inventory levels in Singapore will remain high till October,” a trader notes. "There are no bookings heard yet," he adds, referring to lower-priced Turkish rebar.