During the given week, ex-China rebar offer prices have moved sideways compared to the previous week and the Asian market has been silent, awaiting clearer picture in January.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, February shipment, moving sideways on average compared to December 20.
During the given week, rebar prices in the Chinese domestic market fluctuated within a limited range amid the prevailing cautious sentiments among market players. By the end of the year, demand for rebar has not improved, resulting in dilemma of market players’ sentiments. The inventory of rebar has been at a relatively low level, bolstering its prices to a certain degree. It is expected that rebar prices in the Chinese domestic market will likely continue the fluctuating trend within a limited range in the coming week.
In Singapore market, the offer prices of ex-Malaysia rebar have been heard at $490-495/mt, DAP, theoretical weight, which is equivalent to $485/mt CFR, while offer prices of ex-China rebar have been heard at $505/mt CFR, theoretical weight.
In Hong Kong market, the workable level is still at $500/mt CFR, actual weight.
Average rebar spot prices in China have lost by RMB 7/mt ($1/mt) compared to December 20, standing at RMB 3,413/mt ($475/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 27, rebar futures at Shanghai Futures Exchange are standing at RMB 3,268/mt ($454.5/mt), decreasing by RMB 11/mt ($11.3/mt) or 0.34 percent since December 20, while down 1.27 percent compared to the previous trading day, December 26.
$1 = RMB 7.1893