Prices for import rebar in Asia have improved this week, and this has been reflected in new deals. Ex-Qatar rebar has been heard traded at $475/mt CFR Hong Kong, on actual weight basis, which is $5/mt above last week’s contract price for imported rebar, sources said. Moreover, a sizable cargo of ex-Turkey rebar has been sold at $470-475/mt CFR Hong Kong on actual weight basis. There are reports in the market that there has been more than one sale from Turkey to Hong Kong, but this information has not been confirmed by the time of publication.
Nevertheless, the situation in Singapore is not so bright as customers have declined to buy at higher price levels so far. According to sources, ex-Turkey rebar has been traded to this destination at below $465/mt CFR on theoretical weight basis, which is the previous workable level.
Prices for ex-China rebar have edged up this week due to bullish sentiment amid the increasing export offer prices of other steel products against the backdrop of the appreciation of the Chinese currency. SteelOrbis has been informed that ex-China HRB400 grade 20 mm rebar prices are standing at $465-475/mt FOB as of today, Friday, January 17, up by $10/mt compared to January 10.
During the given week, Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has cut its offer prices for rebar by RMB 80/mt ($11.6/mt) for January 11-20, signaling its negative view of the prospects for the market, though production halts ahead of the Chinese New Year holiday provided support for local rebar prices.
Average rebar spot prices in China have gained RMB 7/mt ($1/mt) week on week to RMB 3,840/mt ($557.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 17, rebar futures at the Shanghai Future Exchange are standing at RMB 3,595/mt ($521.9/mt), increasing by RMB 24/mt ($3.5/mt) since January 10.
$1 = RMB 6.888