During the given week, ex-China rebar offer prices have remained stable amid sufficient inventories and slight restocking in the local market ahead of the holidays. At the same time, ex-Malaysia offers have posted some improvement amid expectations for better demand in mid-October.
Ex-China rebar offer prices have been heard at $460-480/mt FOB, moving sideways on average compared to September 19.
During the given week, rebar futures prices have indicated decreases, weakening the support for prices in the spot market. Demand for rebar has not seen any significant improvement even as the National Day holiday (October 1-8) is drawing closer, exerting a negative impact on market sentiments. Since there are only a few trading days left ahead of the long holiday, market players are still expecting stock replenishments from downstream buyers. It is thought that rebar prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Meanwhile, the offer prices of ex-Malaysia rebar have been heard at $485/mt DAP, Singapore, theoretical weight, up $5/mt on average week on week. This translates to $475-480/mt on CFR basis. Offer prices of ex-China rebar stood at $480/mt CFR Singapore, theoretical weight, moving sideways compared to that recorded in the previous week.
In the Hong Kong market, buyers’ target price stands at $475/mt CFR, actual weight, moving up by $5/mt on average compared to September 19, while offer prices of ex-Malaysia rebar have been heard at $480-485/mt CFR, actual weight, up by $2.5/mt on average week on week.
Average rebar spot prices in China have remained unchanged compared to September 19, standing at RMB 3,233/mt ($455/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 26, rebar futures at Shanghai Futures Exchange are standing at RMB 3,114/mt ($439/mt), decreasing by RMB 58/mt ($8.2/mt) or 1.8 percent since September 19, while down 1.58 percent compared to the previous trading day, September 25.
$1 = RMB 7.1152
