SteelOrbis has been informed that as of October 25 ex-China HRB400 grade 20 mm rebar export prices are at $440-450/mt FOB, moving sideways compared to October 18. The relatively stable local market has supported the stability of export prices.
At the same time, the workable level in Asia has continued to move down. HRB 400 grade 20 mm rebar of various origins has been heard offered at $410/mt CFR Hong Kong on actual weight basis, which is $15/mt below last week’s level, SteelOrbis has been informed. Meanwhile, asking prices in Hong Kong stand at $405/mt CFR or even lower.
During the given week, sentiment has improved in the local Chinese rebar market due to lower stocks and the expected rebound in demand. Average spot rebar prices in China have been almost stable over the week, losing just RMB 6/mt ($0.85/mt) from October 18 to October 25, and are now standing at RMB 3,817/mt ($540/mt) ex-warehouse, according to SteelOrbis’ information.
Rebar futures at the Shanghai Future Exchange have increased by RMB 34/mt ($4.8/mt) to RMB 3,344/mt ($473/mt) as of Friday, October 25, as compared to October 18.