During the past week, most Southeast Asian rebar customers have been not interested in import purchases, having sufficient stocks. The tradable price level for buyers has remained low and the number of firm offers has also been reduced. Ex-China rebar offer prices have moved sideways amid the declining trend in local rebar prices and sluggish demand.
Offer prices of ex-India rebar have been heard at $755/mt CFR, actual weight, for Hong Kong, stable from last week.
Some rare offers for Indian rebar and for one position cargo in Singapore have been reported at $740/mt CFR theoretical weight. The tradable price level in Singapore has been unchanged since last week at $730-740/mt CFR. Offers from Turkish mills have not been workable at levels not less than $790/mt CFR.
Ex-China rebar offer prices have been heard at $860-900/mt FOB, for August shipment, moving sideways on average compared to June 11. “The traditional offseason for rebar has negatively affected ex-China rebar exports, while the firm trend of billet prices has bolstered rebar prices to some extent,” an international trader said.
Offer prices of ex-China rebar of British standard have been heard at $900/mt FOB, while offers for Chinese standard rebar have been heard at $860/mt FOB. No definite information has been heard about the adjustment of the export tax, resulting in slack demand from overseas buyers.
Average rebar spot prices in China have lost RMB 93/mt ($14.4/mt) week on week to RMB 5,040/mt ($783/mt) ex-warehouse, according to SteelOrbis’ information.
As of June 18, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,061/mt ($786/mt), decreasing by RMB 261/mt ($40.6/mt) or 4.9 percent since June 11.
$1 = RMB 6.4361