During the given week, import rebar prices have surged again in Hong Kong and Singapore amid further increases announced by exporters. Ex-China rebar offer prices have edged up slightly amid rising iron ore prices, even despite fluctuations in local rebar prices.
According to market sources, a deal for ex-Turkey rebar has been heard at $560/mt CFR Hong Kong, actual weight, for March shipment, while a contract has been reported at $550/mt CFR Singapore, theoretical weight, though these transaction have not been confirmed by the time of publication. The price level is $20/mt above the latest deal to Hong Kong and up to $25/mt higher for Singapore.
Ex-China rebar offer prices have been heard at $535-565/mt FOB, for late February shipment, edging up by $5/mt on average compared to November 27.
In the local Chinese market, transaction activities in the rebar market have slowed down due to the cold winter weather, while surging iron ore prices have provided some support. Rebar prices in the Chinese domestic market will likely move on a downward trend amid slackening demand in winter.
Average rebar spot prices in China have lost RMB 104/mt ($16/mt) week on week to RMB 4,023/mt ($614/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 4, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,900/mt ($595/mt), decreasing by RMB 24/mt ($3.7/mt) or 0.6 percent since November 27.
$1 = RMB 6.5507