During the given week, ex-China rebar offer prices have edged up slightly, but a further uptrend is questionable as demand in the local market has not been as strong as expected, and the market is hoping for an export price stabilization, as a heathier trend in the current conditions. At the same time, ex-ASEAN rebar exporters have been targeting bigger increases than in the previous week.
Ex-China rebar offer prices have been heard at $460-480/mt FOB, for June shipment, edging up by $5/mt on average compared to March 21.
In the given week, the average rebar prices in the Chinese domestic market have seen slight rises compared to the previous week. Inventory levels of rebar have decreased only slightly, signaling that demand from downstream users has not been as good as market players had expected, even in the traditional peak season. Market sentiments have been bolstered by the production halts heard previously. Moreover, the negative impact of the tariffs implemented by the US has been gradually digested, while Trump’s new move on 25 percent reciprocal tariffs on countries will exert a negative impact on market sentiments again. It is expected that rebar prices in the Chinese domestic market will likely continue to fluctuate within a limited range in the coming week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard at $490/mt DAP, theoretical weight, up by $10/mt over the past week. This level translates to $480-485/mt on CFR basis. The ex-China rebar price has settled at the lowest at $480/mt CFR in Singapore, while the previous small-deal price was at $470/mt CFR, theoretical weight.
In the Hong Kong market, buyers’ counter-offer target prices stand at $475/mt CFR, actual weight, moving sideways week on week.
Average rebar spot prices in China have gained RMB 13/mt ($1.8/mt) compared to March 21, standing at RMB 3,320/mt ($463/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 28, rebar futures at Shanghai Futures Exchange are standing at RMB 3,197/mt ($456/mt), increasing by RMB 41/mt ($5.7/mt) or 1.3 percent since March 21, while down 0.28 percent compared to the previous trading day, March 27.
$1 = RMB 7.1752