Chinese rebar export prices edge down, but buying interest still weak

Wednesday, 21 August 2019 17:03:26 (GMT+3)   |   Shanghai
       

During the week ending August 21, Chinese export offer prices for rebar have moved down by $5/mt to $470/mt FOB on average. The offer range is still wide at $460-480/mt FOB on actual weight basis with traders ready to sell at below $470/mt FOB.

Offers to Singapore are at $485/mt CFR on actual weight basis on average, but bids have been closer to $475/mt CFR or below. Offers to Hong Kong have been equivalent to $500/mt CFR on theoretical weight basis, but still fail to attract buyers’ interest due to sufficient stocks and overall weak demand amid political instability.

Inventories of rebar have been higher than in the same period of the previous year, weakening the support for prices. Moreover, local prices are gradually going down in China. Average rebar prices have lost RMB 33/mt ($5/mt) compared to yesterday, Tuesday, August 20, coming to RMB 3,788/mt ex-warehouse, according to SteelOrbis’ information.

Currently, iron ore prices are moving on a decreasing trend, which will likely push rebar prices down further and improve the competitiveness of Chinese products.


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