During the given week, a few large rebar cargos have been booked in Hong Kong, indicating higher demand. After some discounts compared to the previous offers, prices have stabilized in recent deals.
One lot of 55,000 mt of Turkish rebar was sold to Hong Kong at $472/mt CFR on actual weight basis for January shipment, as SteelOrbis reported earlier this week. Another cargo of the same volume has been booked at an almost similar price level in Hong Kong - in the range of $470-475/mt CFR, sources confirmed on Friday. Also, there have been reports of a sale of ex-Russia rebar at $465/mt CFR Hong Kong, though this has not been confirmed by the time of publication.
The tradable value for imported rebar in Singapore has decreased by $2.5/mt on average compared to last week to $460/mt CFR on theoretical weight basis. Demand has remained reduced in the country.
Ex-China rebar offer prices have moved up after the holidays amid rising rebar futures prices, the improvement in local demand and decent construction activities. Offers have been heard at $470-495/mt FOB, moving up by $7.5/mt compared to October 9.
Inventories of rebar in China have been lower than in the previous week, reflecting better demand, which has eased the pressure from supply and bolstered rebar prices. Construction activities have been booming after the holiday, also providing certain support for rebar prices. At the same time, rebar futures prices have edged up after the holiday, exerting a positive impact on market sentiments.
Average rebar spot prices in China have gained RMB 14/mt ($2.1/mt) week on week to RMB 3,837/mt ($570/mt) ex-warehouse, according to SteelOrbis’ information. As of October 16, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,632/mt ($540/mt), decreasing by RMB 1mt ($0.15/mt) or 0.03 percent since October 9.
$1 = RMB 6.7332