During the given week, ex-China rebar offer prices have moved up amid the rising trend of ferrous metal futures prices. At the same time, the situation in Southeast Asia’s import rebar market has become negative because of ongoing low demand.
Ex-China rebar offer prices have been heard at $850-880/mt FOB, for August shipment, moving up by $12.5/mt on average compared to July 2. “Amid the production restrictions due to the environmental protection measures, market players are bullish on the prospect for the market, while demand has remained slack, which has negatively affected the rebar market,” an international trader said.
Average rebar spot prices in China have gained RMB 166/mt ($25.6/mt) week on week to RMB 5,063/mt ($782/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 9, rebar futures at the Shanghai Future Exchange are standing at RMB 5,428/mt ($838/mt), increasing by RMB 304/mt ($47/mt) or 5.9 percent since July 2.
Offers of ex-India and ex-Vietnam rebar have been heard at $745-750/mt CFR, actual weight, Hong Kong, which is slightly higher than last week’s levels of $735-750/mt CFR. But demand has been weak.
In Singapore, prices for import rebar have been unchanged at $735-740/mt CFR on theoretical weight basis, which can still only be achieved from India.
$1 = RMB 6.4755