Malaysian mills have raised their rebar offers for a second time in April as demand improves.
Mills are offering rebar at 2,300-2,400 ringgit ($749-782) per tonne this week, up from 2,300-2,350 ringgit three weeks ago, and from 2,250-2,280 ringgit per tonne five weeks ago.
“Sales are slowly improving as the government’s mega-projects, such as the mass rapid transit project, started moving recently,” a Singapore-based trader with operations in Malaysia said.
“Work has not started, but some contracts have been awarded,” he said.
Mills also need to raise prices as billet and scrap prices remain firm, a mill official in Malaysia said.
Billet bookings in Southeast Asia are at $645-655 per tonne cfr this week, unchanged from two weeks ago.
Meanwhile, HMS 1&2 (80:20) scrap material changed hands at $455-465 per tonne cfr Southeast Asia this week, unchanged for the second week.