During the given week, ex-China rebar offer prices have moved up compared to the previous week amid the sharp rebound in futures prices by $20/mt and overall better sentiments. ASEAN rebar exporters have followed suit.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for November shipment, increasing by $12.5/mt on average compared to September 6.
During the given week, rebar prices in the Chinese domestic market have moved up amid increasing rebar futures prices and improved demand from downstream users. Inventory of rebar have decreased quickly, exerting a positive impact on market sentiments. Following the change in production standards for rebar, traders’ inventories are now at relatively low levels, bolstering rebar prices firmly. It is thought that rebar prices in the Chinese domestic market will edge up in the coming week.
Offer prices of ex-China BS500B 12-40 mm rebar have been heard at $490-500/mt CFR Hong Kong, actual weight, increasing by $10-15/mt over the past week.
Offer prices of ex-Malaysia rebar have been heard at $495/mt DAP Singapore, theoretical weight, moving up by $10/mt on average week on week. This price translates to $485-490/mt on CFR basis.
Average rebar spot prices in China have gained RMB 134/mt ($19/mt) compared to September 6, standing at RMB 3,327/mt ($469/mt) ex-warehouse, according to SteelOrbis’ information.
As of September 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,190/mt ($449/mt), increasing by RMB 139/mt ($19.6/mt) or 4.6 percent since September 6, while up 1.01 percent compared to the previous trading day, September 12.
$1 = RMB 7.103
