The workable price level for import rebar in Asia has slipped this week. Offers of ex-Turkey rebar have been heard at $430-435/mt CFR Hong Kong, actual weight, while a deal for ex-Russia rebar was heard at $425/mt Hong Kong, actual weight, for May delivery in the middle of this week. Last week, the indicative price level in Hong Kong was at $445/mt CFR.
As reported last week, the previous deal for ex-Turkey rebar in Singapore was at $429/mt CFR. This week, some bids have been heard at $410-415/mt CFR Singapore and can be acceptable to Turkish sellers, taking into account that FOB prices have fallen by about $20/mt over the past week, sources have said.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have moved down by $15/mt amid the worsening epidemic situation in overseas markets following a stable trend in the previous week and currently stand at $420-440/mt FOB on actual weight basis. “The rapid spread of the coronavirus in overseas markets has exerted a negative impact on the demand for ex-China rebar, dragging down its offer prices, though demand in the local market has seen an improvement,” a trader said.
Jiangsu Province-based Shagang Group has raised its offer prices for rebar by RMB 50/mt ($7.1/mt) for the March 21-31 period, signaling its optimistic view of the future prospects for the rebar market.
Average rebar spot prices in China have lost RMB 10/mt ($1.4/mt) week on week to RMB 3,597/mt ($510.7/mt) ex-warehouse, according to SteelOrbis’ information.
$1 = RMB 7.0427