Prices for imported rebar, from the ASEAN region and the Middle East in particular, have been following the uptrend in Asia, supported by the previous rises in the scrap segment. During the given week, ex-China rebar offer prices have increased as well.
Offer prices of ex-Oman rebar have been heard at $645/mt CFR, Singapore, theoretical weight, up from $620/mt CFR early this month. Moreover, ex-Malaysia rebar have been available at the equivalent to $625-630/mt CFR (or up to $640/mt delivered). Though no new deals have been reported so far, market sources believe that the buyers in Singapore will have to accept levels not below $625/mt CFR, having no other options. A week ago, the tradable level was at $610/mt CFR Singapore.
Ex-Malaysia rebar have been offered at $640-650/mt CFR, Hong Kong, actual weight, up $20/mt compared to last week.
Ex-China rebar offer prices have been heard at $600-620/mt FOB, March shipment, moving up by $20/mt on average compared to January 6.
“Rebar prices in the Chinese domestic market have seen certain rises amid the rising trend in rebar futures prices, while both demand and supply have been slack and they are unlikely to improve as the Chinese New Year holiday (January 21-27) is approaching. At the same time, firm billet prices have also bolstered rebar prices,” an international trader said.
Average rebar spot prices in China have gained RMB 44/mt ($6.5/mt) compared to January 6, standing at RMB 4,217/mt ($627.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 13, rebar futures at the Shanghai Future Exchange are standing at RMB 4,173/mt ($620/mt), edging up by RMB 66/mt ($9.8/mt) or 1.6 percent since January 6.
$1 = RMB 6.7292