Turkish rebar transactions in Southeast Asia are moving towards $700/tonne cfr, Kallanish notes.

The latest Turkish-origin rebar booking involved a 50,000-tonne bulk cargo for May shipment at $685/t cfr Singapore theoretical weight. A Singapore trader who heard about the deal says that freight between Turkey and Singapore has shot up to as much as $60/t, from $40/t previously.

Since Indian rebar is still available at $670/t cfr Singapore, a trader thought that the booking price was too high. But certain local buyers are willing to pay a premium for Turkish material, another says.

Demand is strong in Singapore and domestic rebar prices were lifted this week to SGD 970/t ($721/t) delivered, up SGD 50/t, he adds. Construction projects were delayed last year due to the pandemic but construction activity is now largely back to full-speed in the country.