The rebar market in Singapore is currently soft, with weakening demand for imported rebar. A leading Malaysian exporter is offering theoretical-weight rebar for July/August shipment at around $520-525/tonne cfr Singapore, down $5/t from the previous week. Buyers are waiting for further price declines, as volatility in Chinese steel futures has affected end-user purchasing.
Meanwhile, the Philippines' SteelAsia Manufacturing Corp has inaugurated its latest 1 million tonne per year rolling mill in Compostela, northern Cebu. This brings the company's total domestic rebar capacity to 3 million tonnes per year, up from 2 million tonnes last year.
