During the given week, ex-China rebar offer prices have remained stable compared to the previous period due to the uncertainties caused by the US and India’s attempting to impose tariff on China’s steel products. General sentiments have been bearish.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, moving sideways on average compared to February 7.
“India, as the ninth largest export destination for Chinese steel, will likely impose 15-25 percent import tariffs on Chinese steel products in 2025, which will exert a negative impact on market sentiments,” an international trader said. Meanwhile, rebar futures prices have seen decreases, weakening the support to rebar prices in the spot market this week. At the same time, demand for rebar from downstream users recovered slowly, which also negatively affected its prices to a certain degree. However, market players will come back to the market next week, likely bolstering the rebar market. It is expected that rebar prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
In Singapore market, the offer prices of ex-Malaysia rebar have been stable at $490-495/mt DAP, theoretical weight, translating to $485/mt CFR on CFR basis. Offer prices of ex-China rebar have been heard at $490-500/mt CFR, theoretical weight, though buyers have been unwilling to conclude purchases due to their relatively high inventory levels. The tradable level in Singapore has been assessed at $475-485/mt CFR.
Average rebar spot prices in China have lost RMB 43/mt ($6/mt) compared to February 7, standing at RMB 3,377/mt ($471/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 14, rebar futures at Shanghai Futures Exchange are standing at RMB 3,262/mt ($455/mt), decreasing by RMB 90/mt ($12.6/mt) or 2.7 percent since February 7, while down 0.46 percent compared to the previous trading day, February 13.
$1 = RMB 7.1706
