During the given week, ex-China rebar offer prices have moved down amid slack demand. Meanwhile, in the Southeast Asia’s import rebar market bids have remained low and only some suppliers, like India, have been ready to provide prices below $750/mt CFR.
Ex-China rebar offer prices have been heard at $840-865/mt FOB, for August shipment, moving down by $17.5/mt on average compared to June 25. “Production restrictions during the 100th anniversary of the founding of the Communist Party of China (CPC) bolstered rebar prices, while slack demand in both local and export markets weakened support. The production restrictions may continue while demand will also remain sluggish,” an international trader said.
The lowest prices for imported rebar to Singapore have been heard from India - at $735-740/mt CFR on theoretical weight basis, but no deals have been heard as buyers still have sufficient stocks and construction works are reduced. Other suppliers, from Turkey in particular, are not active in offering, assessing the tradable levels at above $750/mt CFR Singapore.
Offers for ex-India and ex-Vietnam rebar to Hong Kong have been heard at $735-750/mt CFR, actual weight. The rainy season in Southeast Asia and the Covid-19 pandemic have exerted a negative impact on the rebar market.
Average rebar spot prices in China have gained RMB 30/mt ($4.6/mt) week on week to RMB 4,897/mt ($757/mt) ex-warehouse, according to SteelOrbis’ information.
As of June 25, rebar futures at the Shanghai Future Exchange are standing at RMB 5,124/mt ($792/mt), increasing by RMB 58/mt ($9.0/mt) or 1.14 percent since June 25.
$1 = RMB 6.4712