Import rebar prices have moved up in Asia over the past week amid higher offers from Turkey, bolstered by costlier scrap and full export order books. Chinese rebar exporters have also increased prices, supported by the uptrend in their local market.
Offer prices of ex-Turkey rebar have been heard at $490-495mt CFR Hong Kong, actual weight, for January-February shipment, up $5/mt week on week, amid rising scrap prices. Buyers from Singapore have been unwilling to accept ex-Turkey offer prices at higher than $480/mt CFR theoretical weight, up by $5-10/mt over the past week.
Ex-China rebar offer prices have been heard at $480-500/mt FOB for January shipment, moving up by $7.5/mt on average compared to October 30, while steelmakers are bullish as regards the future prospects for the rebar market as stock consumption is going smoothly.
In the local Chinese market, demand for rebar has been at decent levels, while blast furnace capacity utilization rates are still at high levels, which has supported prices. Average rebar spot prices in China have gained RMB 86/mt ($13/mt) week on week to RMB 3,983/mt ($601/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 6, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,782/mt ($570/mt), increasing by RMB 80/mt ($12.1/mt) or 2.2 percent since October 30.
$1 = RMB 6.629