During the given week, ex-China rebar offer prices have edged down under pressure from declines in futures and local prices.
Ex-China rebar offer prices from large mills have been heard at $530-540/mt FOB, for October shipment, decreasing by $10/mt on average compared to July 28.
“During the given week, rebar prices in the Chinese domestic market have indicated declines amid the decreasing trend in rebar futures prices. Meanwhile, control measures to curb outputs have bolstered rebar prices, while raw materials have also provided support for the Chinese rebar market. Floods in northern China caused by the typhoons may reduce the demand for rebar. However, market players think demand may improve in late August,” an international trader said.
Offer prices of ex-Malaysia rebar have been heard at $535-540/mt CFR Singapore, on theoretical weight, remaining almost stable from last week. The tradable level in Singapore is still at $535-545/mt CFR. Currently, Asian rebar suppliers want to avoid declines. Though transaction activities have not been very lively, only a few traders think there will be room for downward movement.
Average rebar spot prices in China have lost RMB 56/mt compared to July 28, standing at RMB 3,777/mt ($529/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 28, rebar futures at the Shanghai Future Exchange are standing at RMB 3,736/mt ($522.5/mt), increasing by RMB 115/mt ($16.1/mt) or 3.0 percent since July 28.
$1 = RMB 7.1418