During the given week, ex-China rebar offer prices have moved sideways. Improved sentiments in the local market in China have so far failed to support ex-ASEAN rebar prices.
Ex-China rebar offer prices have been heard at $460-480/mt FOB, remaining stable on average compared to September 12.
During the given week, rebar futures prices have increased, exerting a positive impact on prices in the spot market. Demand from overseas buyers has been steady, bolstering prices to a certain extent. In the Chinese domestic market, apparent consumption of rebar has improved slightly, positively affecting prices. At the same time, since the National Day holiday (October 1-8) is approaching, stock replenishments will provide support for rebar prices in the coming period. It is expected that rebar prices in the Chinese domestic market will see further rises in the coming week.
Meanwhile, the offer prices of ex-Malaysia rebar have been heard at $475-485/mt DAP Singapore, theoretical weight, down $5/mt week on week. Offer prices of ex-China rebar stand at $480/mt CFR Singapore, theoretical weight, remaining stable compared to the previous week.
In the Hong Kong market, buyers’ target price still stands at $470/mt CFR actual weight, while offer prices of ex-Malaysia rebar have been heard at $480/mt CFR, actual weight, remaining unchanged on average week on week.
Average rebar spot prices in China have increased by RMB 36/mt ($5.1/mt) compared to September 12, standing at RMB 3,233/mt ($455/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 19, rebar futures at Shanghai Futures Exchange are standing at RMB 3,172/mt ($447/mt), increasing by RMB 45/mt ($6.3/mt) or 1.4 percent since September 12, while up 0.73 percent compared to the previous trading day, September 18.
$1 = RMB 7.1128
