During the given week, ex-China rebar offer prices have edged up slightly amid the rising trend in rebar futures prices. At the same time, the demand situation in the import rebar market in Southeast Asia has remained weak and buyers have been interested only in purchasing low-priced rebar from India.
Ex-China rebar offer prices have been heard at $860-890/mt FOB for September shipment, moving up by $10/mt on average compared to July 9. “Amid the increasing billet and rebar futures prices, market players have been active since the middle of the given week, contributing to better transaction activity, while the declining inventory levels of rebar have also bolstered rebar prices,” an international trader said.
At the same time, buyers in Hong Kong have been willing to buy rebar from India. According to sources, 50,000 mt of ex-India rebar have been traded at $730-740/mt CFR Hong Kong on actual weight basis. The latest offers have been heard at $750/mt CFR Hong Kong, also from India.
The tradable price level for ex-India rebar in Singapore has this week not been above $730/mt CFR on theoretical weight basis.
Average rebar spot prices in China have gained RMB 180/mt ($27.8/mt) week on week to RMB 5,243/mt ($810.4/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 16, rebar futures at the Shanghai Future Exchange are standing at RMB 5,559/mt ($859/mt), increasing by RMB 131/mt (20/mt) or 2.4 percent since July 9.
$1 = RMB 6.4705