During the given week, ex-China rebar prices have continued to move on an uptrend, supporting the market in Southeast Asia and leading to some increase in new deals in the region.
Around 10,000-20,000 mt of ex-Qatar rebar have been sold at $550/mt CFR Singapore, theoretical weight, up by $5/mt from the contract done last week. Offer prices of ex-Malaysia Alliance Steel have been heard at $550-560/mt DAP Singapore, theoretical weight, rising by $10/mt over the past week. At the same time, offer prices of ex-Middle East rebar have been heard at $550-560/mt CFR Hong Kong, actual weight.
Ex-China rebar offer prices from small mills have been heard at $540-550/mt FOB, for October shipment, increasing by $10/mt on average compared to July 21.
“During the given week, rebar prices in the Chinese domestic market have seen rises as policies for rebuilding villages inside megacities in China have bolstered market sentiments, while increasing raw material prices have also provided support for rebar prices, though typhoon Doksuri will slacken the demand for rebar in the coming period as construction activities will be negatively affected,” an international trader said.
Average rebar spot prices in China have indicated increases of RMB 60/mt compared to July 21, standing at RMB 3,833/mt ($537/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 28, rebar futures at the Shanghai Future Exchange are standing at RMB 3,851mt ($540/mt), increasing by RMB 28/mt ($3.9/mt) or 0.73 percent since July 21.
$1 = RMB 7.1338