During the given week, offer prices of ex-Turkey rebar have increased to $450/mt CFR Hong Kong actual weight. Prices for ex-India rebar have been heard at $435-440/mt CFR Hong Kong, almost stable compared to the previous week. Offers from India have been the most competitive recently, but demand overall in Hong Kong has been low with no new inquiries heard. In Singapore, buyers have been staying away from purchases as, even taking into account the easing of the lockdown, construction activity is unlikely to improve in the third quarter.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have moved sideways, though demand for rebar slackened in the local market due to the rainy weather in China. Also, high raw material prices have provided support for export offer prices. Ex-China rebar offers from mills currently stand at $450-470/mt FOB, moving sideways week on week. “Buyers in the export market have mostly held a wait-and-see stance as regards the future market prospect,” a trader said.
Average rebar spot prices in China have lost RMB 33/mt ($4.7/mt) week on week to RMB 3,727/mt ($525.6/mt) ex-warehouse, according to SteelOrbis’ information.
As of June 19, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,645/mt ($514/mt), increasing by RMB 19/mt ($2.7/mt) or 0.5 percent since June 12.
$1 = RMB 7.0913