Import rebar prices in Southeast Asia have increased further as suppliers have been confident that the higher levels will be accepted soon, taking into account active scrap price hikes. Nevertheless, during the given week, ex-China rebar offer prices have moved mostly sideways.
Offer prices of ex-Malaysia rebar have been heard at $620-630/mt CFR, Singapore, theoretical weight, up $20/mt compared to before the holiday. Meanwhile, offer prices of ex-Oman rebar have been heard at $620/mt CFR, Singapore, theoretical weight. The tradable level has been assessed at around $610/mt CFR Singapore in the current conditions, up by $10/mt from the previous level, though no new deals have been reported so far.
Ex-China rebar offer prices have been heard at $580-600/mt FOB, March shipment, moving sideways on average compared to December 30.
“Rebar prices in the Chinese domestic market have fluctuated within a limited range amid the slack demand from downstream users. As the Chinese New Year holiday (January 21-27) is approaching, some traders have started to build up stocks for the winter, which will provide some support for the rebar market in the near future,” an international trader said.
Average rebar spot prices in China have gained RMB 26/mt ($3.8/mt) compared to December 30, standing at RMB 4,173/mt ($606/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 6, rebar futures at the Shanghai Future Exchange are standing at RMB 4,107/mt ($596/mt), edging up by RMB 2/mt ($0.29/mt) or 0.05 percent since December 30.
$1 = RMB 6.8912