A Malaysian mill’s entry into the rebar import markets of Hong Kong and Singapore has drawn some interest, Kallanish notes. The newcomer has been exporting billet and wire rod to Southeast Asia since the middle of last year.

Its maiden deal to Hong Kong was at an attractive price for the buyer. The 10,000-tonne lot was booked at $490/tonne cfr Hong Kong actual weight basis last week, Hong Kong trading sources say. A trader understood that it was a stock (already produced) cargo. The blast furnace mill may also have been “... under pressure” to sell it while awaiting for the necessary quality certification which he heard took nearly three months. “Hong Kong customers are cautious about new supply so they will pay a lower price,” he adds.

This mill is currently offering April shipments of its rebar theoretical-weight basis at $500/t cfr Singapore which is lower than prevailing Chinese offers at $515-520/t cfr. The mill is applying for CARES certification which it could get by next month, a Singapore trader reports. Around 80% of the larger Singapore projects use CARES-certified rebar, he estimates.

Rebar is weak in Singapore and Hong Kong, another trader notes. Singapore importers are bidding at the maximum of $490/t cfr Singapore, theoretical-weight basis

Kallanish maintained its BS4449 500B 10-40mm dia rebar on Thursday at $490-495/t cfr Singapore.