Ex-China rebar offer prices have been heard at $460-470/mt FOB, moving sideways on average compared to February 13.
During the given period, inventories of rebar have been at relatively high levels amid the impact of the Chinese New Year holiday (February 14-23). Meanwhile, demand from downstream users has recovered slowly after the long holiday. Market players are waiting for demand to be released after the Lantern Festival. Reductions in inventory levels will be crucial for the rebar market. It is thought that rebar prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Meanwhile, the offer prices of ex-Malaysia rebar have been heard at $485/mt DAP Singapore, theoretical weight, remaining stable on average compared to February 13. Offer prices of ex-China rebar stand at $475-485/mt CFR Singapore, for April-May delivery, theoretical weight.
In the Hong Kong market, buyers’ target price stands at $475/mt CFR, actual weight, up $5/mt on average compared to February 13.
Average rebar spot prices in China have lost RMB 13/mt ($1.9/mt) compared to February 13, standing at RMB 3,217/mt ($465/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 27, rebar futures at Shanghai Futures Exchange are standing at RMB 3,067/mt ($443/mt), increasing by RMB 12/mt ($1.7/mt) or 0.4 percent since February 13, while rising by 0.03 percent compared to the previous trading day, February 26.
$1 = RMB 6.9228
