Ex-Qatar rebar was heard offered at $420/mt CFR Singapore on theoretical weight basis earlier this week, about $10/mt lower that official offers last week. This price level has been attractive for customers as other suppliers like Turkey or China have been offering at much higher levels.
SteelOrbis has been informed that the ex-China HRB400 grade 20 mm rebar export price has been at $450-460/mt FOB actual weight during the week ending November 15, rising by $10/mt compared to November 8. During the given week, inventory levels of rebar in the local Chinese market have continued to decreases, bolstering market players’ sentiments and providing support for rebar prices. At the same time, China has issued air pollution control programs for the 2019-20 winter season for the Yangtze River Delta area and the Fenwei plain area, including the provinces of Shanxi, Shaanxi and Henan, exerting a positive impact on the steel market as market players expect steel output will decrease in the coming months.
Rebar futures at the Shanghai Future Exchange stand at RMB 3,545/mt ($506/mt) as of Friday, November 15, increasing by RMB 133/mt ($19/mt) since November 8. Average rebar spot prices in China have added RMB 153/mt ($22/mt) from November 8 to November 15, rising to RMB 4,093/mt ($584/mt) ex-warehouse, according to SteelOrbis’ information.
$1 = RMB 7.00