During the given week, offers for imported rebar to Asia have increased. Ex-China rebar offer prices have remained stable amid the declining trend in rebar futures prices and local rebar prices in China.
Reference import prices of rebar in Singapore have been at $775/mt CFR on theoretical weight basis, up by $5/mt over the past week. Most offers have been at $780/mt CFR from Vietnam at $785-790/mt CFR form the Middle East or Turkey.
Ex-China rebar offer prices have been heard at $770-810/mt FOB, April shipment, moving sideways on average compared to February 18.
“China has continued to implement scrutiny of iron ore prices, exerting a negative impact on iron ore prices and weakening the support for other ferrous metal prices. At the same time, the Ukraine-Russia crisis has affected the market, pushing up energy prices to a comparatively high level in the short term, which will bolster rebar prices from the cost side, though the turbulent situation will not be good for demand for rebar in the international market,” an international trader said.
Average rebar spot prices in China have lost by RMB 90/mt ($14.2/mt) week on week, standing at RMB 4,813/mt ($759/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 25, rebar futures at the Shanghai Future Exchange are standing at RMB 4,617/mt ($728.2/mt), decreasing by RMB 162/mt ($25.6/mt) or 3.4 percent since February 18.
$1 = RMB 6.3346