Falling futures prices in China and still poor demand in Asia have impacted the import rebar market in the regional market. The latest deal for 25,000-30,000 mt of ex-Qatar rebar has been transacted at $505/mt FOB on theoretical weight basis, according to sources, and this cargo is said to be for Singapore with the CFR price assessed at slightly below $530/mt CFR.
Last week, the lowest offers to Singapore were from Malaysia at equivalent to $530-540/mt CFR on theoretical weight. All attempts of suppliers to push offers to $540/mt CFR or above have failed, sources said, given the worsening mood in China.
Ex-China rebar offer prices from small mills and traders have lost $5/mt over the past week, coming to $515/mt FOB on average on actual weight basis, for November shipment. Today, the fall in rebar futures prices at Shanghai Future Exchange has slowed down a little, but overall sentiments are still bearish.