Southeast Asian rebar prices continue to rally, Kallanish notes. The surge in Chinese prices is lending support to the market.

Chinese theoretical-weight rebar offers are estimated at above $700/tonne cfr Singapore. A Chinese mill is offering theoretical-weight rebar at $680/t fob China, which, with freight prevailing at $28-30/t, would be equivalent to around $710/t cfr Singapore.

Chinese mills are reluctant to export now because of the sharp uptick in Chinese steel futures after the Lunar New Year holiday, a Singapore trader says. China’s domestic steel market has been bullish because of expectations that authorities will announce steel production cuts and reduce the export rebate for steel products.

Indian rebar for April shipment was recently offered at $670/t cfr Singapore. While some sources heard it could have found a taker, others did not. Indian theoretical-weight rebar bookings were prevailing last week at $630/t cfr Singapore. "Indian rebar is the cheapest in the market so deals are possible," a regional trader says.

Qatari rebar has made a reappearance in the region. Offers for actual-weight rebar are heard at $680-685/t cfr Hong Kong. An importer in Hong Kong has not heard of a booking and says that higher freight costs have driven up rebar prices. 

Kallanish assessed its weekly BS4449 500B 10-40mm diameter rebar price on Thursday at $660-670/t cfr Singapore theoretical weight, up $17.5 on-week.

Meanwhile, Vietnam’s Hoa Phat increased its domestic sales prices for rebar and wire rod by VND 200/kg ($9/t) effective 1 March. Its new rebar and wire rod prices are the equivalent of $640/t ex-works and $650/t ex-works respectively. The market is better now because the construction sector is picking up, a Vietnamese trader says.