Demand for Chinese rebar has been slack due to the New Year holiday. At the same time, ex-China offers have moved sideways.
In Southeast Asia, prices have mostly not changed. Sources said that $450/mt CFR is a tradeable level for Singapore, though the market has been quiet due to the New Year holiday. The indicative price level for import rebar in Hong Kong has remained at $460/mt CFR on actual weight basis.
Prices for ex-China rebar have moved sideways this week. SteelOrbis has been informed that ex-China HRB400 grade 20 mm rebar export prices are standing at $455-465/mt FOB as of today, Friday, January 3, moving sideways compared to December 27, while buyers’ bids have been at a maximum of $440/mt FOB.
During the given week, China’s largest private steelmaker, Shagang Group held its offer prices for rebar stable, reflecting its more positive view as it expects more stock-building activities ahead of the Chinese New Year holiday amid tight supply.
Average rebar spot prices in China have risen by RMB 27/mt ($3.9/mt) week on week to RMB 3,840/mt ($551.1/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 3, rebar futures at the Shanghai Future Exchange are standing at RMB 3,543/mt ($506.7/mt), increasing by RMB 2/mt ($0.29/mt) since December 27.
$1 = RMB 6.9681