Rebar offers in Asia $5-10/mt higher than buyers’ price ideas

Friday, 30 October 2020 16:19:05 (GMT+3)   |   Istanbul

During the given week, no new bookings have been heard in the Southeast Asian rebar import market. The gap between offers and bids has been at around $5-10/mt. Suppliers have been targeting prices higher or at least at the same level as last week’s prices due to stronger raw material prices.

Offer prices of ex-Turkey rebar have been heard at $485-490/mt CFR Hong Kong, actual weight, stable compared to the previous week, while buyers have bidden at $480/mt CFR maximum.

The tradable price level in Singapore has increased slightly to $465-470/mt CFR, following a deal done at $463/mt CFR as offers have increased. The offer price level for Turkish rebar in Singapore is at $470-475/mt CFR. There has been a rumor of an offer of ex-UAE rebar at $475/mt CFR Singapore, theoretical weight, but this has not been confirmed by the time of publication.

Ex-China rebar offer prices have remained stable at $470-495/mt FOB compared to October 23, while Chinese steelmakers have been hoping to increase their offer prices in the future amid the production restriction policy for the winter season.

In order to control pollution during the winter season, production restriction policies have been issued in northern China, pushing up rebar prices in the local market. Average rebar spot prices in China have gained RMB 40/mt ($6/mt) week on week to RMB 3,897/mt ($580/mt) ex-warehouse, according to SteelOrbis’ information.

As of October 30, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,702/mt ($551/mt), increasing by RMB 86/mt ($12.8/mt) or 2.4 percent since October 23.  

$1 = RMB 6.7232

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