During the given week, offer prices of ex-Turkey rebar have been heard at $475-480/mt CFR Hong Kong, actual weight, up $5-10/mt week on week. Ex-India rebar have been offered at $465-470/mt CFR Hong Kong, actual weight, while high levels of inventory have negatively affected the demand for rebar.
In Singapore, though construction works have resumed, productivity is still very low. Some sources have reported that this situation will continue and that buyers may remain cautious as regards purchases of import rebar. The Turkish rebar price to Singapore has been assessed at a minimum of $465-470/mt CFR, theoretical weight.
The rising trend in local rebar prices and rebar futures prices have pushed up ex-China rebar offer prices. Ex-China rebar offers from mills currently stand at $470-485/mt FOB, moving up by $10/mt on average week on week. “Rebar futures prices have moved up continuously, exerting a positive impact on market players’ sentiments, and so they have raised their ex-China rebar offer prices, and this also pushed up offer prices of rebar in the overseas market,” a trader said.
Average rebar spot prices in China have gained RMB 57mt ($8.2/mt) week on week to RMB 3,840/mt ($553/mt) ex-warehouse, according to SteelOrbis’ information.
As of August 7, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,832/mt ($552/mt), increasing by RMB 55/mt ($7.9/mt) or 1.5 percent since July 31.
$1 = RMB 6.9408