During the given week, ex-China rebar offer prices have moved on a downtrend due to decreasing rebar futures prices and declining local prices as sentiments have been weak despite rumors of steel production curbs.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for April shipment, moving down by $7.5/mt on average compared to February 21.
Rebar prices in the Chinese domestic market have seen declines as several countries have imposed AD duty or filed AD investigations against Chinese steel products, exerted a negative impact on market sentiments. However, rumors about China planning to cut crude steel output by 50 million mt in 2025 have affected the market rhythm, though the relevant parties in China denied the rumors. The prices of iron ore and coke have decreased in the given week, weakening the support for steel prices from the cost side. It is thought that rebar prices in the Chinese domestic market will likely rebound amid expectations that stimulus policies will be announced following the important government meetings to be held next week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been stable at $485-490/mt DAP, theoretical weight, which is equivalent to $480/mt CFR. Offer prices of ex-China rebar have been heard at $490/mt CFR, theoretical weight, which is slightly lower than $490-500/mt CFR last week. However, trading has remained silent as buyers’ counter-offers were at at $475/mt CFR.
In the Hong Kong market, the tradable import rebar price has been at $485/mt CFR, actual weight, down $10/mt week on week.
Average rebar spot prices in China have lost RMB 43/mt ($6.0/mt) compared to February 21, standing at RMB 3,397/mt ($474/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 28, rebar futures at Shanghai Futures Exchange are standing at RMB 3,328/mt ($464/mt), decreasing by RMB 33/mt ($4.6/mt) or 1.0 percent since February 21, while up 0.09 percent compared to the previous trading day, February 27.
$1 = RMB 7.1738