During the given week, ex-Turkey rebar offer prices have been heard at $450/mt CFR Singapore, theoretical weight, which is about $5-10/mt higher than last week. At the same time, construction activity in Singapore has not improved yet and the pace of recovery is slow, and so buyers are not in the mood to purchase and possible bids are unlikely to be above $420-425/mt CFR Singapore.
Offers from Turkey to Hong Kong have been at $460/mt CFR on actual weight, much higher than buyers’ expectations of $430-440/mt CFR Hong Kong.
Chinese rebar producers are still mostly out of the export market, focusing on sales locally. Ex-China rebar offers from mills currently stand at $460-475/mt FOB, moving sideways on average week on week. “The limited inquiries from buyers made some major steelmakers halt their export offers. The end of the rainy season in eastern China has exerted a positive impact on market sentiment amid better expectations for local demand, while exports will unlikely improve as steel mills will focus on trade activities in the local market,” a trader said.
Average rebar spot prices in China have gained RMB 17/mt ($2.4/mt) week on week to RMB 3,797/mt ($543/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 24, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,690/mt ($528/mt), increasing by RMB 57/mt ($8.2/mt) or 1.5 percent since July 17.
$1 = RMB 6.9938