During the given week, ex-China rebar offer prices have remained stable compared to the previous week, but the Asian market has retreated further as traders have been offering lower in short positions, while the Malaysian mill has also been aggressive, cutting prices further to boost sales. Also, other Asian sellers have been eager to export.
Ex-China rebar offer prices have been heard at $470-480/mt FOB for February shipment, remaining stable on average compared to December 27. During the given week, rebar prices in the Chinese domestic market have fluctuated within a limited range due to the New Year holiday. Demand from downstream users has been slack, while inventory levels of rebar have increased, exerting a negative impact on rebar prices. However, market players expect stocks to be built up ahead of the Chinese New Year holiday (January 28-February 4), which may bolster rebar prices. It is thought that rebar prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard at $485/mt DAP, theoretical weight, dropping further from $490-495/mt DAP last week. This new level translates to $475-480/mt CFR, being among the lowest in the market. Some offers from South Korea have been reported to Singapore at $480-485/mt CFR, while trader’s short position offers for open origin rebar were at $480/mt CFR Singapore, but for shipment in the middle of 2025.
In the Hong Kong market, the tradable level has slipped to $495/mt CFR, actual weight, down by $5/mt over the past week, though buyers are waiting for $490/mt CFR.
Average rebar spot prices in China have declined by RMB 6/mt ($0.8/mt) compared to December 27, standing at RMB 3,407/mt ($474/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 3, rebar futures at Shanghai Futures Exchange are standing at RMB 3,272/mt ($455/mt), increasing by RMB 4/mt ($0.56/mt) or 0.12 percent since December 27, while down 1.18 percent compared to the previous trading day, January 2.
$1 = RMB 7.1878