During the given week, ex-China rebar offer prices have moved up compared to the previous period amid increasing rebar futures prices and the better outlook in general. At the same time, weak demand in Southeast Asia and stable prices from ASEAN mills have contributed to the stable trend of Southeast Asia’s import rebar market.
Ex-China rebar offer prices have been heard at $475-490/mt FOB, April shipment, moving up by $7.5/mt on average compared to February 14.
Rebar prices in the Chinese domestic market have increased as the date for the National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) has been confirmed for March 4-5, which has bolstered market sentiments. Meanwhile, market players expect improved demand from downstream users in the traditional peak season in March, which will exert a positive impact on rebar prices. Ferrous metal futures prices have moved up. It is thought that rebar prices in the Chinese domestic market will likely edge up further in the coming week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard stable at $485-490/mt DAP, theoretical weight, translating to $480/mt CFR, while offer prices of ex-China rebar have been heard at $490-500/mt CFR, theoretical weight.
In the Hong Kong market, the tradable level has also been stable, at $495/mt CFR, actual weight.
Average rebar spot prices in China have gained RMB 63/mt ($8.8/mt) compared to February 14, standing at RMB 3,440/mt ($480/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 21, rebar futures at Shanghai Futures Exchange are standing at RMB 3,361/mt ($469/mt), increasing by RMB 99/mt ($13.8mt) or 3.0 percent since February 14, while up 0.9 percent compared to the previous trading day, February 20.
$1 = RMB 7.1696