During the given week, ex-China rebar offer prices moved sideways amid slight changes in rebar futures prices. Unlike the previous week, moods turned from negative to stable.
Ex-China rebar offer prices have been heard at $490-500/mt FOB, moving sideways on average compared to May 22.
Premier Li Qiang stated in Zhejiang Province during his inspection tour that China should strengthen the strategic reserve and supply regulation of bulk commodities and key raw materials, bolstering market sentiments. Rebar futures prices have seen rises since May 28, exerting a positive impact on prices in the spot market. It is expected that rebar prices in the Chinese domestic market will likely move sideways in the coming week.
Offer prices of ex-China rebar stood at $520-525/mt CFR Singapore, prompt shipment, theoretical weight, remaining unchanged on average compared to those recorded on May 22. But ex-Malaysia prices softened by $5/mt, coming to a level similar to that of China.
In the Hong Kong market, buyers’ target price stood at $510/mt CFR, actual weight, moving sideways from last week.
Average rebar spot prices in China have lost RMB 16/mt ($2.3/mt) compared to May 22, standing at RMB 3,297/mt ($483/mt) ex-warehouse, according to SteelOrbis’ information.
As of May 29, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,158/mt ($463/mt), decreasing by RMB 10/mt ($1.5/mt) or 0.3 percent since May 22, while increasing by 0.19 percent compared to the previous trading day, May 28.
$1 = RMB 6.8176
