In late October-early November, rebar offer prices in Southeast Asia have increased and have remained unchanged this week, while demand has been extremely weak.
Rebar ex-Qatar has been heard offered to Singapore at $430-435/mt CFR o theoretical weight basis, while almost the same level on actual weight basis has been heard to Hong Kong. Prices are about $10/mt higher compared to offers in mid-October.
Offers from Turkey are still much higher, at about $460/mt CFR on actual weight basis to Hong Kong. Moreover, Chinese suppliers have kept prices unchanged, remaining completely unworkable in Asia. SteelOrbis has been informed that the ex-China HRB400 grade 20 mm rebar export price has been at $440-450/mt FOB during the week ending November 8
During the given week, inventory levels of rebar in the local Chinese market have seen continuous decreases, signaling infrastructure construction is still active ahead of the cold winter, leading to more optimistic attitudes among market players, though this optimism is cautious.
Rebar futures at the Shanghai Future Exchange have increased by RMB 32/mt ($4.8/mt) since November 1, rising to RMB 3,412/mt ($4.6/mt) on Friday, November 8. Average spot rebar prices in China have risen RMB 63/mt ($9/mt) from November 1 to November 8, to RMB 3,940/mt ($562.9/mt) ex-warehouse, according to SteelOrbis’ information.