During the given week, ex-China rebar offer prices have remained stable, supporting import rebar prices in Asia. However, the near-term outlook is rather negative.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for January delivery, remaining stable on average compared to November 29.
Rebar futures prices have moved down in the latter part of the given week amid the slack demand from downstream users in the traditional offseason. Market players are expecting good news as the important economic work conference in China is approaching, and the positive expectations have provided support for rebar prices. However, cautious sentiments still prevail among market players. It is thought that rebar prices in the Chinese domestic market will edge down slightly in the coming week.
In the Singapore market, import offer prices of ex-Malaysia rebar have been heard at $485-490/mt CFR, theoretical weight, moving down by $2.5/mt on average compared to the previous week.
In the Hong Kong market, offer prices of ex-China rebar have been heard at $495-500/mt, CFR, actual weight, moving sideways on average compared to the previous week.
Average rebar spot prices in China have remained stable compared to November 29, standing at RMB 3,427/mt ($477/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 6, rebar futures at Shanghai Futures Exchange are standing at RMB 3,311/mt ($461.5/mt), decreasing by RMB 7/mt ($1/mt) or 0.2 percent since November 29, while down 1.57 percent compared to the previous trading day, December 5.
$1 = RMB 7.1848
