During the given week, ex-China rebar offer prices have moved sideways, reflecting the trend in the local market. As a result, Chinese billet has remained the most competitive in Asia’s import market.
Ex-China rebar offer prices have been heard at $450-460/mt FOB, remaining stable on average compared to November 7.
During the given week, rebar futures prices have seen small rises, exerting a positive impact on prices in the spot market. Coke prices have indicated their fourth successive round of price hikes. But the financial data issued by the People’s Bank of China (PBOC) have been worse than expected, weakening the support for market sentiments. It is thought that rebar prices in the Chinese domestic market will likely move sideways in the coming week.
Meanwhile, the offer prices of ex-Malaysia rebar have been heard at $475/mt CFR Singapore, theoretical weight, which is out of the range of buyers’ interest, when ex-China rebar prices have been standing at around $465/mt CFR Singapore, theoretical weight.
In the Hong Kong market, buyers’ target price has declined by $5/mt from last week to $455/mt CFR, actual weight, but offers have been stable: Chinese suppliers still target $470/mt CFR and above, while offers from Malaysia are at $490/mt CFR, actual weight.
Average rebar spot prices in China have gained RMB 17/mt ($2.4/mt) compared to November 7, standing at RMB 3,217/mt ($453/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 14, rebar futures at Shanghai Futures Exchange are standing at RMB 3,053/mt ($430/mt), increasing by RMB 19/mt ($2.7/mt) or 0.6 percent since November 7, while up 0.43 percent compared to the previous trading day, November 13.
$1 = RMB 7.0825
