While ex-China rebar offer prices have moved sideways, local rebar prices in China have moved up on the first day after the long National Day holiday.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, moving sideways compared to September 30.
Following the long National Day holiday, market players have been bullish as regards the future prospects for the rebar market as the weather will be good for construction activities and will boost demand for rebar. Meanwhile, rebar futures prices at Shanghai Futures Exchange moved up by 2.25 percent on the first trading day after the holiday, also providing support for the rebar market.
Average rebar spot prices in China have gained RMB 46/mt ($6.8/mt) week on week to RMB 3,823/mt ($564/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 9, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,633/mt ($536/mt), increasing by RMB 73mt ($11/mt) or 2.25 percent since September 30.
$1 = RMB 6.7796