Prices for import rebar in Asia have improved this week, and this has been reflected in new deals. Turkish and CIS-based suppliers have mainly been offering to Singapore and Hong Kong, while there has been a lack of offers from Qatar as the producer in this country will have limited allocation due to maintenance, sources said.
A deal has been rumored in Singapore at $465/mt CFR on theoretical weight basis this week, but this information has not been confirmed by the time of publication, as major Turkish mills have denied that they have sold to Asia recently and there have been no details regarding the volume. This level should be confirmed in the next bookings, sources believe, as there have been no offers available elsewhere at a lower level.
The tradable level for rebar in Hong Kong has increased by $10/mt from last week to $470/mt CFR on actual weight basis, with a contract for 20,000 mt for ex-CIS rebar signed at this level recently, SteelOrbis has learned.
Prices for ex-China rebar have moved sideways this week. SteelOrbis has been informed that ex-China HRB400 grade 20 mm rebar export prices are standing at $455-465/mt FOB as of today, Friday, January 10, moving sideways compared to January 3.
During the given week, Chinese steelmaker Jiangsu Province-based Zenith has kept its offer prices for rebar stable for mid-January delivery, reflecting its positive sentiment as it has been unwilling to cut its prices ahead of the Chinese New Year holiday amid tight supply, despite the slackness of demand.
Average rebar spot prices in China have lost RMB 7/mt ($1/mt) week on week to RMB 3,833/mt ($552.7/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 10, rebar futures at the Shanghai Future Exchange are standing at RMB 3,571/mt ($514.9/mt), increasing by RMB 28/mt ($4/mt) since January 3.
$1 = RMB 6.935