During the given week, offer prices of ex-Turkey rebar have been heard at $480-490/mt CFR Hong Kong, actual weight, up by $5-10/mt week on week, and not attractive for buyers. At the same time, ex-India rebar has still been available at $465-470/mt CFR Hong Kong. No new inquiries have been heard in the market as the gap between offers and bids is very high.
Singapore has been unable to fully resume construction works, which has negatively affected demand for rebar in Southeast Asia. The workable price level for customers is at around $430-435/mt CFR, theoretical weight, but offers have been around $35-40/mt higher.
The decreasing trend in rebar futures prices has exerted a negative impact on ex-China rebar offer prices, and so steelmakers and traders have held their offer prices stable at $470-485/mt FOB. Prices from China to South Korea increased by $25/mt in August to $495-500/mt CFR, while buyers have not been willing to accept the big rise as the long rainy weather reduced the demand for rebar.
Average rebar spot prices in China have lost RMB 33/mt ($4.8/mt) week on week to RMB 3,807/mt ($549/mt) ex-warehouse, according to SteelOrbis’ information. However, overall demand in the local market has remained firm late this week.
As of August 14, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,799/mt ($547.4/mt), decreasing by RMB 33/mt ($4.8/mt) or 0.9 percent since August 7.
$1 = RMB 6.9405