In the past seven days, ex-China rebar offer prices have moved up sharply amid rising rebar futures prices, local rebar prices, and stock replenishment for the winter season.
Offer prices of ex-Turkey rebar were heard at $495-500mt/mt CFR Hong Kong on actual weight basis, for February shipment, while by the end of the week they have increased further to $505-510/mt CFR and above amid rapidly rising scrap prices. The price is $10-15/mt above offers last week.
The workable price level for imported rebar in Singapore has been assessed at $490/mt CFR theoretical weight, up by $10/mt compared to last week, but most bids have remained not above $480/mt CFR so far. Offer prices of ex-Ukraine rebar have been heard at above $500/mt CFR Singapore.
Ex-China rebar offer prices have been heard at $530-550/mt FOB, moving up by $50/mt compared to November 6, while rare deals have been heard.
In the local market in China, demand for rebar has been very good amid decent inventory consumption by construction sites, exerting a positive impact on prices. Average rebar spot prices in China have gained RMB 160/mt ($24/mt) week on week to RMB 4,143/mt ($625/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 13, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,840/mt ($579/mt), increasing by RMB 58/mt ($8.75/mt) or 2.2 percent since November 6.
$1 = RMB 6.6285