Rebar prices in Asia have stabilized following deals at higher prices registered earlier. Ex-China prices have also moved sideways as suppliers have been focused on local sales.
An offer for ex-Qatar rebar to Singapore has been at $450/mt CFR on theoretical weight basis, which is almost in line with the previous deal at $448-450/mt CFR reported by SteelOrbis earlier this week.
Moreover, there have been reports that a deal again for ex-Qatar rebar was concluded at $448/mt CFR Hong Kong on actual weight basis last week, but SteelOrbis had not received confirmation of the deal by the time of publication. At the moment, offers at such a level are no longer available, sources said.
Turkish mills have been able to offer at $475-480/mt CFR Hong Kong.
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 $470-480/mt FOB as of today, Friday, December 13, remaining stable compared to December 6.
During the given week, major Chinese steelmakers almost halted their exports amid slack demand and focused on business in their local market. Since more supplies from northern China have been circulating into southern China, rebar prices have been negatively affected. In the near future, traders will likely start building up stocks for the winter, which will exert a positive impact on the rebar market. Average rebar spot prices in China have declined by RMB 80/mt ($11.4/mt) week on week to RMB 3,980/mt ($567.3/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 13, rebar futures at the Shanghai Future Exchange are standing at RMB 3,523/mt ($532.3/mt), increasing by RMB 86/mt ($12.3/mt) since December 6.