Prices for imported rebar in Asia have been relatively stable over the past week, but, due to sluggish demand and the downtrend in the scrap segment, the mood has been mainly bearish.
Offer prices of ex-Malaysia rebar have been heard at $600/mt CFR, Singapore, theoretical weight, almost in line with the previous week, while buyers have been willing to buy below $570/mt CFR. Bids have indicated a decline of $10/mt over the past week. The lowest possible price from traders is still $590/mt CFR Singapore. The rebar import market in Southeast Asia has been quiet as buyers have bought sufficient rebar, resulting in a low level of demand.
Ex-China rebar offer prices have been heard at $610-630/mt FOB, November shipment, edging down by $5/mt on average over the past week.
“The rebar prices in the Chinese domestic market moved up first while edging down later last week amid declining rebar futures prices in the latter part of the given week and the negative impact of typhoon Muifa,” an international trader said.
Offer prices of ex-Vietnam rebar have been heard at $640/mt FOB, which were uncompetitive in the region.
As of September 16, rebar futures at the Shanghai Future Exchange were standing at RMB 3,686/mt ($532/mt), decreasing by RMB 105/mt ($15.2/mt) or 2.8 percent since September 9.