During the given week, ex-China rebar offer prices have edged up slightly amid better sentiment in the local market, supported by increased buying. At the same time, in Southeast Asia buyers have still been asking for lower prices.
Ex-China rebar offer prices have been heard at $750-790/mt FOB, for January shipment, moving up by $5/mt on average compared to November 19. “Demand improved amid the rebounding trend in rebar prices in the spot market, while inventory levels have decreased sharply, bolstering prices,” an international trader said.
Moreover, sources have said that buyers in Southeast Asia have increased their inquiries, though no deals have been reported so far. Traders have been offering ex-Middle East rebar at $720-725/mt CFR Singapore on theoretical weight basis, while the direct price level from mills should still hardly be below $730-740/mt CFR. Buyers in Singapore have been willing to buy at $700-710/mt CFR.
Average rebar spot prices in China have gained RMB 136/mt ($21.3/mt) week on week to RMB 4,883/mt ($764/mt) ex-warehouse, according to SteelOrbis’ information.
$1 = RMB 6.3936