Singapore rebar prices fall despite higher scrap, billet prices

Domestic prices of rebar in Singapore have dropped further despite a pick-up in scrap and billet material costs.

Rebar is trading at S$820-830 ($600-607) per tonne, down from S$840-870 per tonne in mid-June, and from S$900-920 per tonne in May, said mill and trading sources.

“We know we should increase prices now that billet and scrap prices are moving up. But the market cannot absorb the higher prices now,” said an official at NatSteel , Singapore’s only steel mill.

Billet bookings are now at $530-550 per tonne cfr Southeast Asia, up from $520-540 per tonne cfr two weeks ago.

Prices of HMS 1&2 (80:20 mix) in containers from Europe, Middle East and Africa have also gone up by $5 in one week to settle at $365-370 per tonne cfr.

Source: Metal.B.