Ex-China rebar offer prices, like quotations from the ASEAN region, have moved sideways this week, reflecting the still uncertain developments in the local Chinese market and the slack demand in Southeast Asia.
Ex-China rebar offer prices from smaller mills and traders have been heard at $510-530/mt FOB, for November shipment, remaining stable on average compared to September 8.
“Cautious sentiments have prevailed among market players this week, resulting in weaker transaction activities [locally]. The improvement for rebar [demand] in September so far has been slower than market players’ expectations, contributing to rising inventory levels, while market participants expect stock replenishment ahead of the long National Day holiday,” a trader said.
Offer prices of ex-Malaysia rebar have remained stable at $530-535/mt CFR Singapore, theoretical weight, while offer prices of ex-Vietnam rebar have been heard at $540-550/mt CFR Singapore, theoretical weight, just slightly down from last week’s level of $550/mt CFR.
Average rebar spot prices in China have gained RMB 54/mt compared to September 8, standing at RMB 3,837/mt ($534.4/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 15, rebar futures at the Shanghai Future Exchange are standing at RMB 3,824/mt ($532.6/mt), increasing by RMB 107/mt ($14.9/mt) or 2.9 percent since September 8.
$1 = RMB 7.1786