During the given week, ex-China rebar offer prices have moved sideways compared to the previous week with the local trend remaining unsettled, with strong gains in the middle of the week and some retreat seen on Friday.
Ex-China rebar offer prices have been heard at $455-465/mt FOB, for October shipment, remaining stable on average compared to August 16. During the given week, rebar futures prices in China have moved on an uptrend, exerting a positive impact on the prices in the spot market. Rebar outputs have declined, while demand has remained at relatively low levels. Meanwhile, demand for rebar from downstream users is unlikely to improve significantly in September and October, which may affect prices. It is thought that rebar prices in the Chinese domestic market will continue to fluctuate within a limited range in the coming week, according to sources.
Offer prices of ex-Malaysia rebar have been heard at $480/mt DAP Singapore, theoretical weight, remaining stable on average week on week.
At the same time, rebar offers (of open origin) have been heard at $470-480/mt CFR Hong Kong, actual weight, also relatively stable. In general, demand has been weak as buyers are waiting for the trend to become sustainable.
Average rebar spot prices in China have gained RMB 44/mt ($6/mt) compared to August 16, standing at RMB 3,197/mt ($448/mt) ex-warehouse, according to SteelOrbis’ information.
As of August 23, rebar futures at Shanghai Futures Exchange are standing at RMB 3,154/mt ($442/mt), increasing by RMB 76/mt ($11/mt) or 2.5 percent since August 16, while down 1.56 percent compared to the previous trading day, August 22.
$1 = RMB 7.1358
