During the given week, offers for imported rebar in Southeast Asia have slid and ex-China offers have edged down, reacting to slow demand and weaker sentiments.
The reference import prices of rebar, mainly ex-ASEAN, have stood at $850-860/mt CFR Singapore theoretical weight. At these levels there have been offers from a number of traders, down $10/mt week on week. Early this week, buyers were claiming the tradable level was hardly above $840-850/mt CFR.
Ex-China rebar offer prices have been heard at $830-840/mt FOB, for June shipment, moving down by $10/mt on average compared to April 8.
Due to the negative impact of the spread of the Covid-19 pandemic, demand for rebar in the Chinese domestic market has not improved yet, and so Chinese steelmakers have continued to seek buyers in the export markets. “The ongoing control measures against the Covid-19 pandemic have negatively affected the demand for rebar, while iron ore prices have been at relatively high levels, reducing rebar producers’ profitability,” an international trader said.
Average rebar spot prices in China have risen by RMB 13/mt ($2.0/mt) week on week to RMB 5,130/mt ($803/mt) ex-warehouse, according to SteelOrbis’ information.
As of April 15, rebar futures at the Shanghai Future Exchange are standing at RMB 5,049/mt ($790/mt), rising by RMB 30/mt ($4.7/mt) or 0.6 percent since April 8.
$1 = RMB 6.3896