During the given week, ex-China rebar offer prices have moved up sharply compared to the previous week amid futures price hikes, news about production control, and cost support.
Ex-China rebar offer prices have been heard at $465-475/mt FOB, up $17.5/mt on average compared to July 18.
During the given week, rebar futures prices have continued their uptrend, exerting a positive impact on prices in the spot market. Inventory of rebar has decreased slightly, bolstering prices to a certain degree. Coke prices have seen increases, providing solid support for rebar prices from the cost side. At the same time, the Chinese government urged the curbing of excessive competition in the steel sector, positively affecting market sentiments and pushing up rebar prices. It is expected that rebar prices in the Chinese domestic market will edge up further in the coming week,
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard at $470-475/mt DAP, theoretical weight, increasing by $10/mt on average compared to July 18. This translates to $465/mt on CFR basis and it is the lowest level in the market at the moment. Offer prices of ex-China rebar stood at $485-490/mt CFR, theoretical weight, moving up by $20/mt on average week on week.
In the Hong Kong market, the tradable level stands at $470/mt CFR, actual weight, adding $15/mt on average compared to July 18, while offer prices of ex-Malaysia rebar have been heard at $475/mt CFR, actual weight, up $10/mt on average week on week.
Average rebar spot prices in China have gained RMB 156/mt ($22/mt) compared to July 18, standing at RMB 3,403/mt ($477/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 25, rebar futures at Shanghai Futures Exchange are standing at RMB 3,356/mt ($470/mt), increasing by RMB 209/mt ($29.0/mt) or 6.6 percent since July 18, while up 2.32 percent compared to the previous trading day, July 24.
$1 = RMB 7.1419
