During the given week, ex-China rebar offer prices have remained stable amid the slight rises in rebar futures prices, while no big changes have been seen in the local market.
Ex-China rebar offer prices have been heard at $490-500/mt FOB, remaining stable on average compared to May 29.
During the given week, rebar prices in the Chinese domestic market have edged down amid the slack demand from downstream users in the traditional off-season. Production of rebar has declined slightly, providing support for prices. Meanwhile, the sixth round of price hikes for coke is expected to be implemented next week, which will continue to bolster rebar prices from the cost side. However, since the plum rain season is approaching in eastern China, the demand for rebar will slacken. It is thought that rebar prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Meanwhile, offer prices of ex-Malaysia rebar have been heard at $525/mt DAP Singapore, theoretical weight, down $2.5/mt on average compared to May 29. Offer prices of ex-China rebar stand at $520-525/mt CFR Singapore, for prompt shipment, theoretical weight, moving sideways on average compared to May 29.
In the Hong Kong market, buyers’ target price stands at $510/mt CFR, actual weight, remaining stable on average compared to May 29.
Average rebar spot prices in China have lost RMB 17/mt ($2.5/mt) compared to May 29, standing at RMB 3,280/mt ($481/mt) ex-warehouse, according to SteelOrbis’ information.
As of June 5, rebar futures at Shanghai Futures Exchange are standing at RMB 3,165/mt ($464/mt), increasing by RMB 7/mt ($1.0/mt) or 0.2 percent since May 29, while decreasing by 0.03 percent compared to the previous trading day, June 4.
$1 = RMB 6.8157
