Prices for rebar have increased in Asia this week due to higher offers from the Middle East and the uptrend in China.
SteelOrbis has been informed that ex-China HRB400 grade 20 mm rebar export prices are standing at $460-470/mt FOB as of today, Friday, November 22, rising by $10/mt compared to November 15.
The tradable level for ex-Qatar rebar in Singapore is $425/mt CFR on theoretical weight basis, about $5/mt above the price level in mid-November. Official offers are higher, up to $440/mt CFR Singapore, but still much lower than Chinese offer prices.
During the given week, continuous decreases in rebar inventory levels in the local Chinese market exerted a positive impact on market sentiment and provided solid support for local rebar prices, while reflecting the good demand for rebar amid warm winter conditions.
As of November 22, rebar futures at the Shanghai Future Exchange are standing at RMB 3,655/mt ($520/mt), increasing by RMB 110/mt ($16/mt) since November 15. Average rebar spot prices in China have risen by RMB 210/mt ($30/mt) week on week to RMB 4,303/mt ($584/mt) ex-warehouse, according to SteelOrbis’ information.