Prices for ex-ASEAN rebar have posted significant rises over the past week, amid higher raw material prices, including iron ore and scrap, while price rises and sales have been seen in other segments like billet in particular. During the given week, ex-China rebar offer prices have increased as well.
Offer prices of ex-Malaysia rebar have been heard in Singapore at the equivalent to $560-570/mt CFR, theoretical weight, up by $5-10/mt over the past week. Prices from Indonesia have been at $575/mt CFR, up by $10/mt. Moreover, ex-China rebar from traders has been offered at $580-590/mt CFR Singapore. The tradable level of imported rebar in Singapore has been assessed at $555-560/mt CFR this week, even though demand has been slack.
While last week there was a deal of cheaper ex-Qatar rebar to Hong Kong (at $550-555/mt CFR actual weight), this week offers would hardly be below $570/mt CFR, according to sources.
Ex-China rebar offer prices have been heard at $560-570/mt FOB, February shipment, up by $10/mt on average compared to December 2.
“The demand for rebar from downstream users has been limited, while the increasing coke prices have bolstered sentiments in the rebar market. Buyers in Southeast Asia have been unwilling to accept the high offer prices at the current stage,” an international trader said.
Average rebar spot prices in China have gained RMB 73/mt ($10.5/mt) compared to December 2, standing at RMB 3,950/mt ($567.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 9, rebar futures at the Shanghai Future Exchange are standing at RMB 3,945/mt ($567/mt), increasing by RMB 137/mt ($19.7/mt) or 3.6 percent since December 2.
$1 = RMB 6.9588