During the given week, ex-China rebar offer prices have remained unchanged amid slightly increasing rebar futures prices, but in SE Asia, import rebar prices from ASEAN and some Chinese traders have been moving down, reflecting weak demand conditions.
Ex-China rebar offer prices have been heard at $460-480/mt FOB, moving sideways on average compared to September 5.
During the given week, rebar futures prices have indicated slight rises, bolstering the prices in spot market, but in general the market has been rather stable with minimal changes in local rebar prices. Meanwhile, apparent consumption for rebar increased, slowing down the increasing pace of inventories, exerting a positive impact on prices. Market sentiments improved gradually, which will positively affect rebar prices in the near future. It is thought that rebar prices in the Chinese domestic market will edge up in the coming week.
However, offer prices of ex-Malaysia rebar have been heard at $485/mt DAP Singapore, theoretical weight, down $5/mt from early September, translating to $475-480/mt CFR. Offer prices of ex-China rebar stood at $480/mt CFR, Singapore, theoretical weight, down $5/mt on average from the previous week.
In Hong Kong market, buyers’ target price stood at $470/mt CFR, actual weight, moving down by $10/mt on average compared to September 5, while offer prices of ex-Malaysia rebar have been heard at $480/mt CFR actual weight, down $5/mt on average week on week.
Average rebar spot prices in China have decreased by RMB 20/mt ($2.8/mt) compared to September 5, standing at RMB 3,197/mt ($450/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 12, rebar futures at Shanghai Futures Exchange are standing at RMB 3,127/mt ($440/mt), increasing by RMB 16/mt ($2.3/mt) or 0.5 percent since September 5, while up 0.84 percent compared to the previous trading day, September 11.
$1 = RMB 7.1019
