During the given week, offers for import rebar to Asia from the major suppliers like Turkey and India have increased, amid higher prices for scrap and some improvement in local demand in India in particular. In addition, ex-China rebar offer prices have edged up by $10/mt amid increases in the Chinese domestic spot market and the rising trend of rebar futures prices in China after the country’s long holiday.
Ex-Turkey rebar offer prices have been heard at $750/mt CFR, theoretical weight, Singapore, up by $25/mt over the past two weeks. A week ago, suppliers were targeting $730-735/mt CFR, but, since scrap prices have posted visible increases this week, offers for rebar have also risen. Ex-India rebar has been offered at $730-740/mt CFR, theoretical weight.
In late September, the tradable price level in the import rebar market in Singapore was $720-725/mt CFR, but at the moment it will be hard for buyers to find prices below $730-735/mt CFR.
Ex-China rebar offer prices have been heard at $870-920/mt FOB, for November shipment, moving up by $10/mt on average compared to the stable trend recorded on September 24. “Rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up following the long National Day holiday, pushing up ex-China rebar offer prices,” an international trader said.
Average rebar spot prices in China have gained RMB 90/mt ($14/mt) week on week to RMB 6,057/mt ($938/mt) ex-warehouse, according to SteelOrbis’ information.
As of October 8, rebar futures at the Shanghai Future Exchange are standing at RMB 5,750/mt ($890/mt), increasing by RMB 101/mt ($15.6/mt) since September 30.
$1 = RMB 6.4604