SteelOrbis has been informed that export prices of Chinese HRB400 grade 20 mm rebar have been at $460-470/mt FOB during the week ending September 11, unchanged week on week. This level corresponds to about $465-470/mt CFR Singapore on theoretical weight basis. However, Turkish sellers have been able to offer lower prices, given the lower scrap prices. As a result, a deal for Turkish rebar was signed below the level of $450/mt CFR on theoretical weight basis, SteelOrbis was informed.
Sentiment in the local Chinese rebar market has improved this week amid higher iron ore prices and boost from macro policy. That is why Chinese exporters have been less flexible and decided not to cut their prices. Rebar futures at the Shanghai Future Exchange have risen by RMB 94/mt ($13.3/mt) since Friday, reaching RMB 3,481/mt ($491/mt) on Wednesday, September 11. Average spot rebar prices in China have moved up by RMB 50/mt ($7/mt) from September 3 to September 11, reaching RMB 3,820/mt ($539mt) ex-warehouse, according to SteelOrbis’ information.