During the given week, ex-China rebar prices have moved on an uptrend, following local price rises. This has caused mills based in the ASEAN region to increase offers to Southeast Asian buyers too, even though buyers there have been reluctant to accept higher prices so far.
Ex-China rebar offer prices from small mills have been heard at $530-550/mt FOB, for December delivery, increasing by $15/mt on average compared to November 3.
During the given week, import iron ore prices have seen continuous rises, exerting a positive impact on rebar, while inventory levels have indicated a slight declining trend, also providing some support. A round of cold weather may negatively affect the rebar market in the coming period, though prices are unlikely to retreat anytime soon.
Offer prices for ex-Malaysia rebar have been heard at $545-550/mt DAP Singapore, theoretical weight, translating to $535-545/mt CFR, while buyers have been unwilling to buy at the current higher levels. Last week, the reference price in Singapore was at $530/mt CFR.
Average rebar spot prices in China have gained RMB 77/mt ($10.7/mt) compared to November 3, standing at RMB 3,977/mt ($554/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 10, rebar futures at the Shanghai Future Exchange are standing at RMB 3,879/mt ($540/mt), increasing by RMB 74/mt ($10.3/mt) or 1.9 percent since November 3.
$1 = RMB 7.1771