Singapore rebar makers were the last to close on Tuesday, because of strict government measures to curb the coronavirus pandemic that caused all local construction sites to stall, participants said. market participants said.
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The closure is damaging the city’s usual rebar consumption of 150,000-180,000 tons / month, according to manufacturers, with one-month home-work required for all foreign businesses. except those deemed essential.
Among the closed plants were BRC Asia, NatSteel and Angkasa Daehan Steel, sources confirmed.
Some manufacturers say they are in discussion with the seller about the possibility of delaying the April shipment that has not yet been loaded. For consignments en route to Singapore, buyers plan to store rebar at ports shortly, while some will deliver the material to their warehouses after receiving approval. set to operate.
Spot market data for marine rebar shows that, out of 221 transactions, bids, offers and offers obtained from January to March on the basis of CFR Singapore, the data sheets for rebar have Chinese origin accounts for the majority of the data, in 101, or 46% of the data.
Raw materials of Turkish origin ranked second at 66, or 30%, followed by those produced on an open source basis at 28, or 13%.
Market participants said two Turkish rebar vessels with a total of about 100,000 tons were loaded in March and about 50,000 tons of Chinese rebar will arrive in Singapore in the next two weeks.
A buyer said his company has no pending April shipments, but has requested a delay of May shipping from Turkey and is awaiting seller feedback. The current stockpile will be able to meet the requirements of 3 months and the arrival of many goods will put additional inventory pressure, he said.
Although the government has allowed fabrication work to be carried out for some important construction projects on an application-based basis, market participants said it was difficult to maintain operations without adequate human resources. . More than 20,000 migrant workers in Singapore, most of them working in the construction industry, have been quarantined.
Sources said it is still “too early” to discuss the impact in the case of extended blockade.
“It only stopped for a month, but it would be a big problem if it lasted for up to 3 months,” a source at one of the manufacturers said, adding that wages should continue to be paid, even if the main The government declared measures to help companies overcome the situation.
Singapore reported a total of 1,481 COVID-19 infections as of April 7, up 106 from the previous day.
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