During the past week, 55,000 mt of ex-Turkey rebar has been sold at $435/mt CFR Hong Kong actual weight. Offer prices of ex-Ukraine and ex-UAE rebar have been heard at $435-440/mt and $450/mt CFR, respectively, in Southeast Asia. Prices were mainly at $420-425/mt CFR Hong Kong last week. The situation in the rebar import market in Singapore has not changed over the week and there have been no fresh inquiries.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have moved up amid good demand in the local market, and currently stand at $450-460/mt FOB, moving up by $10/mt week on week, though these levels are totally unworkable now.
“Rising raw material prices have pushed up ex-China rebar offer prices, while it is hard to conclude a deal for exports. Traders mostly focus on importing billet, slab and HRC,” a trader told SteelOrbis.
Average rebar spot prices in China have gained RMB 67/mt ($9.4/mt) week on week to RMB 3,787/mt ($533.4/mt) ex-warehouse, according to SteelOrbis’ information. However, sentiments have eased late this week. Today, June 5, average rebar prices have declined by RMB 13/mt ($1.8/mt) compared to yesterday, Thursday, due to some slowdown of demand.
As of June 5, rebar futures at the Shanghai Future Exchange are standing at RMB 3,604/mt ($507.6/mt), increasing by RMB 25/mt ($3.5/mt) since May 29.
$1 = RMB 7.0965