Rebar offers to Singapore and Hong Kong have fallen again this week, while demand has been limited and the tradable price level for customers has dropped below $400/mt CFR.
Offers of ex-Russia and ex-Ukraine rebar have been heard at $405/mt CFR Singapore, theoretical weight, for June delivery, while most bids have been at $390/mt CFR and below. Ex-Turkey rebar has been offered at $405-410/mt Hong Kong, actual weight, for June or July delivery. Last week, offers to both Singapore and Hong Kong were at $425-435/mt CFR.
SteelOrbis has been informed that Chinese mills’ export offer prices for rebar have moved sideways amid better demand from downstream users in the local market following a $15/mt week-on-week decline in the previous week, with prices currently standing at $420-440/mt FOB. “The coronavirus pandemic worldwide has negatively affected players’ sentiments in the global market as they are worried about the gloomy economic outlook especially amid the quick rises in the numbers of confirmed cases in the US and in other countries in the EU,” a trader said.
Jiangsu Province-based Shagang Group has kept its offer prices for rebar stable for the April 1-10 period, signaling its cautious view of the market prospects.
Average rebar spot prices in China have lost RMB 70/mt ($9.8/mt) week on week to RMB 3,527/mt ($496.1/mt) ex-warehouse, according to SteelOrbis’ information.
$1 = RMB 7.11