During the given week, ex-China and ex-Malaysia rebar offer prices have moved down amid declining rebar futures prices, poor sentiments and the need to accelerate sales.
Ex-China rebar offer prices have been heard at $450-470/mt FOB, decreasing by $10/mt on average compared to October 10.
During the given week, rebar futures prices have indicated a downward trend, negatively affecting market sentiments. Production of rebar has not indicated any big changes, while apparent consumption has improved, bolstering rebar prices to a certain degree. Most traders preferred to conclude transactions instead of raising profit margins, aiming to decrease stock levels. It is thought that rebar prices in the Chinese domestic market will edge up slightly in the coming week, after the decline this week.
Meanwhile, offer prices of ex-Malaysia rebar have been heard at $470-475/mt DAP Singapore, theoretical weight, down $10/mt on average week on week. The price translates to $465/mt on CFR basis and could be attractive for some customers in small lots. Offer prices of ex-China rebar stand at $470-480/mt CFR Singapore, theoretical weight, down $5/mt compared to the previous week.
In the Hong Kong market, buyers’ price ideas are down $5/mt over the past week, coming to $465/mt CFR, actual weight, while offer prices of ex-Malaysia rebar have been heard at $475-480/mt CFR, actual weight, declining also by $5/mt on average week on week.
Average rebar spot prices in China have decreased by RMB 73/mt ($10.3/mt) compared to October 10, standing at RMB 3,150/mt ($444/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 17, rebar futures at Shanghai Futures Exchange are standing at RMB 3,037/mt ($428/mt), decreasing by RMB 66/mt ($9.3/mt) or 2.1 percent since October 10, while up 0.03 percent compared to the previous trading day, October 16.
$1 = RMB 7.0949