Prices for import rebar in Asia have softened over the past week amid lower scrap prices and the overall negative signals coming from China. At the same time, trading has remained weak for now as customers have only been watching the market. During the given week, ex-China rebar offer prices have remained stable, while local prices have indicated visible declines.
Offer prices of ex-Turkey rebar have been heard at $745-755/mt Hong Kong, actual weight, down by $20/mt over the past week, though buyers have wanted to buy at only $710-720/mt CFR.
In Singapore, ex-India rebar prices have lost $5-15/mt to $740/mt CFR, theoretical weight. Turkish suppliers may provide prices as low as $725-730/mt CFR in Singapore, but taking into account soft demand they have mainly been waiting for bids first.
Ex-China rebar offer prices have been heard at $850-880/mt FOB, for October shipment, remaining stable on average compared to August 13. “Rebar futures prices and iron ore futures prices have indicated sharp declines during the given week, resulting in the prevailing wait-and-see stance among market players towards the prospects for the future market. The slack demand from downstream users has made traders suspend trading activities and wait for further developments next week,” an international trader said.
Average rebar spot prices in China have lost RMB 130/mt ($20.0/mt) week on week to RMB 5,223/mt ($804/mt) ex-warehouse, according to SteelOrbis’ information.
As of August 20, rebar futures at the Shanghai Future Exchange are standing at RMB 5,100/mt ($785/mt), decreasing by RMB 382/mt ($59/mt) or 7.0 percent since August 13.
$1 = RMB 6.4984