During the given week, ex-China rebar offer prices have edged up compared to the previous week amid the slight increases in rebar futures prices and expectations for a better performance after the Chinese New Year holiday.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for February shipment, increasing by $5/mt on average compared to January 17.
During the given week, rebar prices in the Chinese domestic market have basically moved sideways as the Chinese New Year holiday will soon start, while demand has been sluggish from downstream users. Market players expect a better performance in the rebar market after the long holiday.
In the Singapore market, the offer prices of ex-Malaysia rebar have been heard at $485-495/mt DAP, theoretical weight, while offer prices of ex-China rebar have been heard at $490-500/mt CFR, theoretical weight, signaling that only the higher end of the range has increased by $5/mt.
In the Hong Kong market, the tradable level for import rebar has been at $495/mt CFR, actual weight, moving up by $5-10/mt over the past week.
Average rebar spot prices in China have gained RMB 3/mt ($0.4/mt) compared to January 17, standing at RMB 3,413/mt ($476/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 24, rebar futures at Shanghai Futures Exchange are standing at RMB 3,377/mt ($469/mt), increasing by RMB 5/mt ($0.7/mt) or 0.15 percent since January 17, while up 0.63 percent compared to the previous trading day, January 23.
$1 = RMB 7.1705