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Demand for imported rebar in Singapore was stable in the past week, with some participants remaining in the spot market for cargoes ahead of the new year.
Singapore bought two rebar import cargoes recently, including a 25,000-tonne late December-loading cargo from Oman and a 40,000-tonne January-loading cargo from Vietnam. The latter is from a major blast furnace (BF)-based steelmaker in central Vietnam.
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Singapore rebar import price trends higher on stable demand The price for rebar imports into Singapore rose again this week, supported by stable demand from end users and sustained raw materials prices. A major Singaporean buyer was heard to be in the spot market bidding for imported cargoes at $675 per tonne cfr Singapore on a theoretical weight basis, against offers by traders at $680 per tonne cfr Singapore for a 50,000-tonne July-shipment rebar cargo from Turkey. Back-to-back offers by Turkish steel mills were at $688 per tonne cfr Singapore on a theoretical we...