During the given week, ex-China rebar offer prices have edged down amid the declining rebar futures prices and the prevailing bearish sentiments among market participants. Together with this ex-ASEAN rebar quotations have also been losing ground rapidly, reflecting weak market sentiments.
Ex-China rebar offer prices have been heard at $560-570/mt FOB, June shipment, declining by $10/mt on average compared to April 7. “The decreasing trend in rebar futures prices exerted a negative impact on prices in the spot market, resulting in more and more steelmakers halting their production, which will bolster its prices to certain degree in the near future, while the downtrend in iron ore prices may negatively affect the rebar market,” a trader said.
Offer prices of ex-Malaysia rebar have been heard at $600-610/mt CFR Singapore, theoretical weight, sharply down by $15-20/mt from $620-625/mt CFR seen for the same origin last week. At the same time, the lowest traders’ offers of ex-ASEAN origin rebar have been reported to Hong Kong at $610/mt CFR, actual weight.
Average rebar spot prices in China have lost RMB 80/mt ($11.6/mt) compared to April 14, standing at RMB 3,983/mt ($579/mt) ex-warehouse, according to SteelOrbis’ information.
$1 = RMB 6.8752