During the past two weeks, ex-China rebar offer prices have moved sideways amid limited trading activity, so import offers in Southeast Asia have also remained unchanged even though buyers returned to work earlier.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for February shipment, remaining stable on average compared to January 24. During the given period, rebar prices in the Chinese domestic market have remained stable due to the impact of the Chinese New Year holiday. Most construction sites have not resumed their activities yet and so market players are still waiting for actual demand to reappear. It is thought that rebar prices in the Chinese domestic market will gradually edge up in the coming week as market participants will come back to the market after the Lantern Festival (February 12).
In the Singapore market, offer prices of ex-Malaysia rebar have been heard at $490-495/mt DAP, theoretical weight, while offer prices of ex-China rebar have been heard at $490-500/mt, CFR, theoretical weight. Buyers have been unwilling to conclude purchases due to their relatively high inventory levels.
In the Hong Kong market, the tradable level for import rebar stands at $495/mt CFR, on actual weight basis.
Average rebar spot prices in China have gained RMB 7/mt ($1/mt) compared to January 24, standing at RMB 3,420/mt ($477/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 7, rebar futures at Shanghai Futures Exchange are standing at RMB 3,352/mt ($467.5/mt), decreasing by RMB 25/mt ($3.5/mt) or 0.7 percent since January 24, while up 0.36 percent compared to the previous trading day, February 6.
$1 = RMB 7.1699