Offer prices for import rebar have increased in Southeast Asia this week, though no new deals have been reported at the higher levels so far. The tradable prices have remained at last week’s levels.
Ex-Turkey rebar have been offered at $690-695/mt CFR Singapore, theoretical weight, up by $10-15/mt from the workable level last week. Nevertheless, bid prices will hardly exceed $680/mt CFR, sources have said.
In Hong Kong, offers have increased to $710/mt CFR on actual weight basis. The tradable level is still estimated at $695-700/mt CFR Hong Kong.
Ex-China rebar offer prices have been heard at $710-720/mt FOB, for June shipment, moving sideways on average compared to April 9, while the prices would be as high as $805/mt FOB when steelmakers bear the potential risks of the awaited tax rebate cut. “The new export tax rebate policy will likely be issued in early May, and so market players are mostly waiting for clear information, resulting in quiet export activities,” an international trader said.
Average rebar spot prices in China have lost RMB 27/mt ($4.14/mt) week on week to RMB 5,103/mt ($782/mt) ex-warehouse, according to SteelOrbis’ information.
As of April 16, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,116/mt ($784/mt), increasing by RMB 48/mt ($7.4/mt) or 0.95 percent since April 9.
$1 = RMB 6.5288