During the past week, ex-China rebar offer prices have moved sideways compared to the previous week amid declining rebar futures prices and slightly decreasing local prices, though announcements from the Two Sessions meetings in Beijing have been rather positive.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, April shipment, remaining stable on average compared to February 28.
Rebar prices in the Chinese domestic market have seen slight decreases amid declining rebar futures prices. Though China’s steel exports rose by 6.7 percent year on year in the January-February period this year, several countries’ imposition of AD duty or initiation of AD investigations on China’s steel products will definitely drag down steel exports in the future. Cautious sentiments have prevailed among market players. However, market players still look forward to the improvement in the demand from downstream users, especially following the Two Sessions. It is thought that rebar prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
In the Singapore market, the offer prices of ex-Malaysia rebar have been stable at $485-490/mt DAP, theoretical weight. Offer prices of ex-China rebar have been heard at $490/mt CFR, theoretical weight.
In the Hong Kong market, buyers’ target price stands at $485/mt CFR, actual weight, remaining stable week on week.
Average rebar spot prices in China have lost RMB 20/mt ($2.8/mt) compared to February 28, standing at RMB 3,377/mt ($471/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 7, rebar futures at Shanghai Futures Exchange are standing at RMB 3,252/mt ($454/mt), decreasing by RMB 76/mt ($10.6/mt) or 2.3 percent since February 28, while down 0.67 percent compared to the previous trading day, March 6.
$1 = RMB 7.1705