During the given week, offer prices of ex-Turkey rebar have been heard at $480-485/mt CFR Singapore, theoretical weight, while downstream users have been unwilling to conclude purchases. Current offers are $15/mt above the tradable level in late August.
Ex-Turkey rebar has been available at $490-495/mt CFR Hong Kong, actual weight, while the latest deal reported last week was at $478-480/mt CFR Hong Kong.
Ex-China rebar prices have reached $485-495/mt FOB, moving up by $7.5/mt week on week, though demand for rebar from downstream users in China has not been as good as what market players expected for September and even though rebar futures prices at Shanghai Futures Exchange have indicated an overall downtrend. On September 11, major Chinese steelmaker Shagang Group held its prices for rebar stable for October. The traditional peak season will exert a positive impact on local and export rebar prices in the near future.
Average rebar spot prices in China have lost RMB 24/mt ($3.5/mt) week on week to RMB 3,823/mt ($559/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 11, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,665/mt ($536/mt), decreasing by RMB 89mt ($13/mt) or 2.4 percent since September 4.
$1 = RMB 6.8389