During the given week, offer prices of ex-Turkey rebar have been heard at $470/mt CFR Hong Kong actual weight, up $10/mt week on week amid rising scrap prices. At the same time, sufficient inventory of rebar in Hong Kong and a rebounding trend seen in Covid-19 cases exerted a negative impact on its demand for rebar.
Ex-China rebar offers from mills currently stand at $460-475/mt FOB, moving sideways on average week on week. “Though rainy season in eastern China ended, floods still hit some regions of China, which negatively affected the demand for rebar, especially in hot summer, while export offer prices will unlikely decrease due to the high level of iron ore prices,” a trader said.
Average rebar spot prices in China have lost RMB 14mt ($2.0/mt) week on week to RMB 3,783/mt ($542/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 31, rebar futures at the Shanghai Future Exchange are standing at RMB 3,777/mt ($541/mt), increasing by RMB 30/mt ($4.3/mt) since July 24.
$1 = RMB 6.9848