Rebar import prices have declined this week in Asia, following the sharp drop in scrap prices and weakening sentiments. The ex-Turkey rebar price to Singapore is about $440-445/mt CFR on theoretical weight basis, down by $10/mt from last week and by $20/mt if compared with a deal in mid-January.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have moved down by $10/mt after the long holiday and currently stand at $455-465/mt FOB. “Participants in the Chinese rebar market are pessimistic towards the future prospects for the rebar market due to the outbreak of the coronavirus, which has resulted in the extension of the holiday, a production halt for most industries, the disruption of traffic, and the postponement of demand,” a trader said.
Average rebar spot prices in China have lost RMB 157/mt ($22.5/mt) week on week to RMB 3,683/mt ($527.9/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 7, rebar futures at the Shanghai Future Exchange are standing at RMB 3,325/mt ($476.6/mt), decreasing by RMB 175/mt ($25.1/mt) since January 23.
$1 = RMB 6.9768