During the given week, offer prices of ex-Turkey rebar have increased to $440-450/mt CFR Hong Kong, actual weight. Last week, 55,000 mt of ex-Turkey rebar was sold at $435/mt CFR Hong Kong. Prices for ex-India rebar have been heard at $440/mt CFR Hong Kong, with small discounts possible. But customers have decided to take a pause for now. Demand for rebar in Singapore will still need more time to recover due to the slow resumption of construction.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have edged up amid decent demand in the local market, which however, has started to show signs of weakening in some parts of China due to weather conditions. Also, firm raw material prices have been giving support. Ex-China rebar offers from mills currently stand at $450-470/mt FOB, moving up by $5/mt week on week. “Ex-China rebar offer prices have seen slight rises, while buyers have not been willing to conclude purchases,” a trader said.
Average rebar spot prices in China have lost RMB 27/mt ($3.8/mt) week on week to RMB 3,760/mt ($530.6/mt) ex-warehouse, according to SteelOrbis’ information.
As of June 12, rebar futures at the Shanghai Future Exchange are standing at RMB 3,626/mt ($511.7/mt), increasing by RMB 22/mt ($3.1/mt) or 0.6 percent since June 5.
$1 = RMB 7.0865