The rebar import market in Singapore is rising because of suppliers' bullish expectations, Kallanish notes. However, the market was quiet during the past week due to the slow return of market participants after the year-end holiday.

Offer prices for imported rebar to Singapore have risen. A Malaysian blast furnace mill is now offering theoretical-weight rebar for late-February/March shipment at $630/tonne delivered to Singapore, up from $615/t last week. In Hong Kong, a trader’s position cargo of actual-weight rebar for March shipment, either Malaysian or Middle Eastern origin, is on offer at $625/t cfr.

Prices are rising due to expectations of a strong demand rebound after the Lunar New Year, which commences at the end of this month. This expectation is particularly strong among Chinese traders, a Singapore says. He hears they are taking long positions in the market.

He and others note the rebar market has lifted in the past three weeks. A booking for 25,000 tonnes of Oman-origin theoretical-weight rebar took place at $594/t cfr Singapore during the second week of December, Singapore market sources report. At that time, the mill’s offer was at $600/t cfr, and it has since raised its offer to $620/t cfr.

Kallanish assessed BS4449 500B 10-40mm diameter rebar at $600-605/t cfr Singapore theoretical weight, up $12.5 on-week.