Importers in Singapore and Hong Kong are hesitant to accept higher rebar offers following a rise in Chinese steel futures earlier this week. Suppliers have increased their prices for imported rebar, with a leading Malaysian mill raising its offer for theoretical-weight rebar for January/February shipment to $500-505 per tonne trucked to Singapore, up from $490 per tonne last week. However, buyers remain unconvinced due to the seasonally weak market at year-end.
Traders indicate that demand is slow in Singapore, with expectations that prices may decrease in the coming weeks. Offers for Chinese-origin theoretical-weight rebar for February shipment are currently around $520 per tonne CFR Singapore, reflecting a $20 increase from the previous week. In Hong Kong, actual-weight open-origin rebar offers are at $510-515 per tonne CFR, up $10 from last week. Despite the price increases, local importing sources report a lack of buying interest, attributing the situation to poor business confidence in China and speculation affecting the futures market.