Mood in import rebar market in SE Asia still bearish due to declines in China

Monday, 22 November 2021 16:07:26 (GMT+3)   |   Istanbul

During the past week, import rebar prices in SE Asia have shown further signs of weakening amid low bids and ongoing negative sentiment as ex-China rebar offer prices have edged down further against the backdrop of the declining trend in the local Chinese market.

Ex-Middle East rebar offer prices have been heard at $730-740/mt CFR Singapore on theoretical weight basis, down from $740-745/mt CFR last week. Turkish suppliers are still out of the market as their offers have not been competitive at $730/mt FOB or just slightly below on FOB actual weight basis.

Buyers have been very cautious in Singapore after purchases of traders’ position cargoes with long lead times from March and beyond at $700/mt CFR and below in Singapore.

In Hong Kong, no new deals have been reported either, with the tradable price heard at $720/mt CFR on the buyers’ side, while the lowest offers for January shipment have been at $740/mt CFR actual weight.

Ex-China rebar offer prices have been heard at $750-780/mt FOB, January shipment, moving down by $20/mt on average compared to a week before. “The demand for rebar has slackened in the Chinese domestic market, while steelmakers in northern China have been required to curb production due to the high-pollution weather in winter, resulting in a slack situation in both supply and demand,” an international trader said.

Average rebar spot prices in China lost RMB 96/mt ($15.0/mt) in the week up to last Friday, but indicated an increase of RMB 60/mt ($9/mt) today, Monday.

After the previous declines in the local market, some Chinese exporters have been more interested in sales overseas in order to offset weak local sales.

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