Demand for rebar from downstream users in Asian market has been slack, resulting in ex-Turkey rebar mostly going to other outlets like America or Africa. Ex-Turkey rebar has been offered to Hong Kong at $490/mt CFR actual weight, almost unchanged from last week when its price rose. There has been a rumor about a contract at $480/mt CFR Hong Kong, though it has not been confirmed by the time of publication, while sources have mentioned that demand has remained weak overall.
The tradable value of imported rebar in Singapore has been at $465-470/mt CFR on theoretical weight basis, stable compared to the previous level. Nevertheless, no new deals have been reported so far.
Demand for rebar has weakened in China this week, putting pressure on domestic prices. But a sharp appreciation of China’s currency has caused ex-China rebar offer prices to stand at a high level - $485-495/mt FOB - moving sideways week-on-week.
Average rebar spot prices in China have gone down RMB 23/mt ($3.4/mt) week on week to RMB 3,810/mt ($564/mt) ex-warehouse, according to SteelOrbis’ information. As of September 18, rebar futures are standing at RMB 3,603/mt ($533/mt) at Shanghai Futures Exchange, which is RMB 62mt ($9.2/mt) or 1.7 per cent lower compared to September 11.
$1 = RMB 6.7591