This week, offer prices of ex-Turkey rebar have been heard at $430-440/mt CFR Singapore on theoretical weight. Prices for ex-India rebar have been heard at $430/mt CFR Singapore, indicating certain declines amid decreasing scrap prices. The prices of $420-425/mt CFR Singapore may be workable, but customers have not fully returned to the market yet.
Due to rainy weather and floods, rebar prices in the local market in China have decreased due to slack demand amid the slowdown of construction activities. Though ex-China rebar offers from mills currently stand at $450-470/mt FOB, moving sideways week on week, a few mills have lowered their offer prices by $5/mt. “The decreasing rebar prices in the local market have weakened the support for ex-China rebar offer prices, while buyers in overseas markets still expect lower prices,” a trader said.
Average rebar spot prices in China have lost RMB 17/mt ($2.4/mt) week on week to RMB 3,710/mt ($525.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 3, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,619/mt ($512/mt), decreasing by RMB 26/mt ($3.7/mt) or 0.7 percent since June 19.
$1 = RMB 7.0638