During the given week, ex-China rebar offer prices have moved sideways amid the fluctuating trend of rebar futures prices in China. Buyers from Southeast Asia have not been interested in purchases due to weak construction activities.
Ex-China rebar offer prices have been heard at $860-890/mt FOB, for September shipment, moving sideways on average compared to July 16. “Floods in the provinces of Henan and Hebei have weakened construction activities and exerted a negative impact on the rebar market, while production restrictions bolstered rebar prices,” an international trader said.
Ex-India rebar offers have been heard at $740/mt Hong Kong, actual weight, while the tradable level in Singapore has been assessed at not above $730/mt CFR theoretical weight amid the increasing number of Covid-19 cases negatively affecting construction activities.
Average rebar spot prices in China have gained RMB 97/mt ($15/mt) week on week to RMB 5,340/mt ($826/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 23, rebar futures at the Shanghai Future Exchange are standing at RMB 5,671/mt ($877/mt), increasing by RMB 112/mt ($17.3/mt) or 2.0 percent since July 16.
$1 = RMB 6.465