Ex-China rebar offer prices have edged further down slightly, though local rebar prices have posted some increases amid pre-holiday restocking.
Ex-China rebar offer prices from mills have been heard at $590-620/mt FOB, for November shipment, down by $5/mt on average compared to September 23.
Offer prices of imported rebar have been heard at $600-605/mt CFR, Singapore, theoretical weight, while buyers said construction activities are still slow and inventories are high, so no firm bids have been reported so far. Taking into account the last sale of the Chinese trader to Hong Kong at $600/mt CFR actual weight, customers in Singapore are asking for $580-585/mt CFR theoretical weight at the highest. The previous tradable level for imported rebar in Singapore was $590/mt CFR.
Average rebar spot prices in China have gained RMB 77/mt compared to September 23 rising to RMB 4,180/mt ($589/mt) ex-warehouse, according to SteelOrbis’ information. “Traders have built up stocks of rebar ahead of the National Day holiday (October 1-7), resulting in improved transaction activities in the local market, while steelmakers have been seeking to raise their offer prices amid the support from firm raw material prices,” an international trader said.
As of September 30, rebar futures at the Shanghai Future Exchange are standing at RMB 3,799/mt ($535/mt), increasing by RMB 33/mt or 0.9 percent since September 23.
$1 = RMB 7.0998