During the week ending December 25, ex-China rebar offer prices have moved up further amid the surging iron ore prices and rising local rebar prices.
Ex-China rebar offer prices have been heard at $620-640/mt, FOB, late March delivery, edging up by $40/mt on average compared to that recorded on December 18. “Rebar prices in local market moved up and down following the changes in rebar futures prices in the given week, while not so many steelmakers gave export offer prices, and Turkish steelmakers suspended giving offer prices of rebar due to the continuous big rises in scrap prices,” an international trader said.
In local market, ferrous metal futures prices have indicated big ups and downs, affecting rebar prices. As it is approaching to the New Year holiday, demand for rebar will likely slacken and negatively affect its prices. However, the high levels of iron ore prices will provide certain support to rebar prices in the near future.
Average rebar spot prices in China have gained RMB 147/mt ($22.5/mt) week on week to RMB 4,457/mt ($682/mt) ex-warehouse, according to SteelOrbis information.
As of December 25, rebar futures at the Shanghai Future Exchange are standing at RMB 4,341/mt ($664.4/mt), increasing by RMB 25/mt ($3.8/mt) or 0.58 percent since December 18.
$1 = RMB 6.5333