The rebar import market continues to weaken in East Asia, Kallanish notes.

A Vietnamese mill sold around 55,000 tonnes of rebar last week to Singapore and Hong Kong. Some 30,000t were sold at $635/tonne cfr Singapore theoretical-weight basis and the remaining 25,000t at $645/t cfr Hong Kong actual-weight basis, say sources in Vietnam and Singapore.

"The Vietnam market is quite slow," a manager at an EAF mill in Vietnam says. He hears the Vietnamese exporter has raised its offer to $650/t cfr Singapore after concluding the deal, but he believes it will accept a firm bid at lower prices. "They [the exporter] are hungry," he adds.

The Vietnamese rebar was sold at a competitive rate, a Singapore trader observes. Offers for Middle Eastern and Malaysian theoretical-weight rebar are similarly priced now, he notes. Middle Eastern rebar is currently offered at $640/t cfr Singapore, while Malaysian rebar is offered at $645/t delivered Singapore, which is equivalent to around $635/t cfr Singapore. 

Last week, rebar from Malaysia was offered at $655/t theoretical weight delivered to Singapore, while Middle Eastern rebar was offered at $655/t cfr Singapore. “In the current market context, prices are likely to be negotiable,” the Singapore trader says. "The overall market sentiment is weak, not only in China," another Singapore trader opines.