During the given week, ex-China rebar offer prices have indicated slight rises amid rising futures prices and relatively firm local market. At the same time, ex-Middle East deals for rebar have been done to Southeast Asia at slightly lower levels, signaling that the market lacks confidence and that a bearish mood still prevails in Asia.
According to market information, 20,000 mt of ex-Qatar rebar have been sold at $545/mt CFR Singapore, theoretical weight, while last week the reference price for Singapore was at $540-560/mt CFR. Offer prices for ex-Malaysia rebar have been heard at $540-550/mt DAP Singapore.
At the same time, 50,000 mt of ex-Middle East rebar have been traded at $550/mt CFR Hong Kong, actual weight, while last week most offers were closer to $560/mt CFR Hong Kong.
Ex-China rebar offer prices have been heard from mills at $530-540/mt FOB for September shipment, up by $10/mt on average compared to July 14.
“During the given week, rebar prices in the Chinese domestic market have edged up slightly amid the support from increasing raw material prices, while construction activities have been negatively affected by the hot summer weather and the heavy rainfall caused by typhoon Talim,” a trader said.
Average rebar spot prices in China have seen small increases compared to July 14, standing at RMB 3,773/mt ($528/mt) ex-warehouse, up by RMB 3/mt over the past week, according to SteelOrbis’ information.
As of July 21, rebar futures at the Shanghai Future Exchange are standing at RMB 3,823mt ($535/mt), increasing by RMB 49/mt ($6.9/mt) or 1.3 percent since July 14.
$1 = RMB 7.1456