SteelOrbis has been informed that the ex-China HRB400 grade 20 mm rebar export price has softened in deal to Hong Kong. The price has been set at $470/mt CFR actual weight for December-January shipment. This price corresponds to $450/mt FOB actual weight, which is $5-20/mt below the official offers from Chinese mills at the moment. The deal indicated traders’ expectations for lower prices for later shipment dates. Ex-China rebar for shipment in the coming one to two months is still available at about $480/mt CFR Hong Kong.
At the same time, sentiments has improved in the local rebar market in China this week amid higher iron ore prices and the expected long steel demand recovery in October. Rebar futures at the Shanghai Future Exchange have risen by RMB 80/mt ($11/mt) since Friday, reaching almost RMB 4,000/mt ($564/mt) on Tuesday, September 3. Average spot rebar prices in China have added RMB 13/mt ($2/mt) today, September 3, reaching RMB 3770/mt ($532/mt) ex-warehouse, according to SteelOrbis’ information.
Better sentiments in China’s local market may support rebar export prices in the near future and even lead to a slight increase in rebar prices in Southeast Asia.
$1 = RMB 7.09