During the given week, ex-China rebar offer prices have moved up compared to the previous week amid rising rebar futures, supporting the mood in Asia, with mills in the ASEAN region expected to follow suit.
Ex-China rebar offer prices have been heard at $465-475/mt FOB, for February delivery, increasing by $12.5/mt on average compared to January 10.
During the given week, rebar prices in the Chinese domestic market have moved on an upward trend amid increasing rebar futures prices. Demand for rebar from downstream users is anticipated to slacken significantly in the coming week as most construction sites will halt activities. Traders have been unwilling to build up high stock levels due to the market uncertainty. It is thought that rebar prices in the Chinese domestic market will likely move sideways in the coming week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard at $485-490/mt DAP, theoretical weight, relatively stable over the past week, while offer prices of ex-China rebar have increased by $5-10/mt to $490-495/mt CFR, theoretical weight.
In the Hong Kong market, buyers’ counter-offer target prices stand at $485/mt CFR, actual weight, up by $5/mt over the past week, while most offers are above $490/mt CFR.
Average rebar spot prices in China have gained RMB 70/mt ($9.7/mt) compared to January 10, standing at RMB 3,410/mt ($474/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 17, rebar futures at Shanghai Futures Exchange are standing at RMB 3,372/mt ($469/mt), increasing by RMB 170/mt ($24/mt) or 5.3 percent since January 10, while up 1.93 percent compared to the previous trading day, January 16.
$1 = RMB 7.1889
