Over the past week, ex-China rebar offer prices have moved up slightly, while ex-ASEAN offers have also remained at higher levels, though buyers have been reluctant to purchase.
Among the lowest offers in the region there was an ex-Malaysia rebar offer at $870/mt CFR Hong Kong actual weight. Most prices asked by traders in Singapore were at $870/mt CFR theoretical weight, but the tradable level for ex-Malaysia rebar is $860/mt CFR, sources have said. Most buyers can bid at $840-850/mt CFR Singapore, theoretical weight.
Ex-China rebar offer prices have been heard at $840-850/mt FOB, June shipment, moving up by $10/mt on average compared to April 1.
“The demand for rebar has been slack amid the worsening Covid-19 pandemic in eastern China, while market players expect a better performance in the near future, which will bolster rebar prices,” an international trader said.
Average rebar spot prices in China have lost RMB 47/mt ($7.4/mt) last week, standing at RMB 5,117/mt ($804/mt) ex-warehouse on Friday, April 8, according to SteelOrbis’ information.
As of April 8, rebar futures at the Shanghai Future Exchange are standing at RMB 5,019/mt ($788.5/mt), decreasing by RMB 141/mt ($22.2/mt) or 2.7 percent since April 1.