Sentiments in the Asian rebar market have remained bearish this week. HRB 400 grade 20 mm rebar of various origin has been heard offered at $425/mt CFR Hong Kong on actual weight basis, which is $10/mt below the level recorded on October 11.
Moreover, ex-Russia rebar was available at $425/mt CFR Singapore on theoretical weight basis early this week, while buyers made bids at $410/mt CFR. There has been a rumor about the sale of ex-Qatar rebar at $408/mt CFR a week ago, but most sources said that the price was too low to be true.
Offers for rebar ex-Turkey were heard at $425/mt CFR Singapore early this week, but since scrap prices have improved, sellers from Turkey are trying to increase offers by $10-15/mt.
SteelOrbis has been informed that the ex-China HRB400 grade 20 mm rebar export price has been at $440-450/mt FOB during the week ending October 18, with the prices $15/mt lower than those recorded on October 11. In the given week, the inventory level of rebar has decreased as demand from downstream construction industries has improved to some extent. However, rebar prices in the Chinese domestic market have lacked support amid declines in iron ore prices and cautious sentiments among market players as they thought demand for rebar might slacken with the approach of the cold winter.
Rebar futures at the Shanghai Future Exchange have decreased by RMB 97/mt ($13.7/mt) since October 11, falling to RMB 3,310/mt ($468.2/mt) on Friday, October 18. Average spot rebar prices in China have lost RMB 34/mt ($4.8/mt) from October 11 to October 18, declining to RMB 3,823/mt ($541/mt) ex-warehouse, according to SteelOrbis’ information.