During the past week, ex-China rebar offer prices have remained stable, while no big changes have been seen in ex-ASEAN offers. Even though local rebar prices in China are moving up, demand in Southeast Asia has remained poor.
Ex-China rebar offer prices have been heard at $450-460/mt FOB, moving sideways on average compared to November 28.
During the given week, rebar futures prices have edged up, positively affecting prices in the spot market. Jiangsu Province-based Shagang Group has kept its offer prices for 16-20 mm HRB400 rebar stable at RMB 3,450/mt ($487.6/mt), bolstering market sentiments to a certain degree. Market players have held diverse attitudes as regards the future prospects for the rebar market. Both supply and demand in the rebar market are weak, while prices will be affected by the expectations of replenishments for the winter season and cost factors. It is thought that rebar prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
Meanwhile, offer prices of ex-Malaysia rebar have been heard at $480-485/mt DAP Singapore, theoretical weight, translating to $475/mt CFR, down $5/mt week on week. Offer prices of ex-China rebar have been at $470-475/mt CFR Singapore, theoretical weight, remaining stable week on week.
Average rebar spot prices in China have increased by RMB 20/mt ($2.8/mt) compared to November 28, standing at RMB 3,320/mt ($469/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 5, rebar futures at Shanghai Futures Exchange are standing at RMB 3,157/mt ($438/mt), increasing by RMB 47/mt ($6.6/mt) or 1.5 percent since November 28, while down 0.13 percent compared to the previous trading day, December 4.
$1 = RMB 7.0749
