During the past week, ex-China rebar offer prices have moved sideways amid the rises in spot prices in the Chinese domestic market and increasing rebar futures prices. However, as supply of import rebar in Southeast Asia is still sufficient, low prices have still been available for buyers in this market.
Ex-India rebar offers have been heard at $725/mt CFR Singapore on theoretical weight basis, down by $5-10/mt over the past week. Buyers are not in a hurry to conclude deals. Turkish rebar could also be booked at $725-730/mt CFR Singapore, but no fresh deals have been confirmed this week, though one rumor has circulated in the market about a sale at much lower level.
Ex-China rebar offer prices have been heard at $850-880/mt FOB, for October shipment, moving sideways on average compared to August 27. “Better expectations as regards the market prospects in the traditional peak season have exerted a positive impact on rebar market, while demand in China has started to see a rebounding trend, and ferrous metal futures prices have continued to edge up, bolstering rebar prices,” an international trader said.
Average rebar spot prices in China have gained RMB 110/mt ($17/mt) week on week to RMB 5,343/mt ($827/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 3, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,408/mt ($837/mt), increasing by RMB 186/mt ($28.8/mt) or 3.6 percent since August 27.
$1 = RMB 6.4577