During the past week, most Chinese mills have kept their rebar prices stable, but in general the mood has been better in the Asian rebar market, with higher offers seen from traders and ASEAN region-based mills.
Ex-China rebar offer prices have been heard at $500-520/mt FOB, for January shipment, moving sideways on average compared to October 25. During the given week, there has been less construction activity in northern China due to the colder weather. More construction projects are anticipated to start in the fourth quarter this year, which will provide some support for steel demand. More stimulus policies are expected to be issued next week, exerting a positive impact on market sentiments. It is thought that rebar prices in the Chinese domestic market will edge up in the coming week.
In the Singapore market, import offer prices of ex-Malaysia rebar have been heard at $520/mt CFR, theoretical weight, up $5-10/mt compared to the previous week, while Chinese traders have been asking for $535/mt CFR Singapore at the lowest.
In the Hong Kong market, the offer prices of ex-Malaysia rebar have been heard at $530-535/mt CFR, actual weight. Offer prices of ex-China BS500B 20-40 mm rebar have been heard at $535-550/mt CFR Hong Kong.
Average rebar spot prices in China have gained RMB 13/mt ($1.8/mt) compared to October 25, standing at RMB 3,593/mt ($505/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 1, rebar futures at Shanghai Futures Exchange are standing at RMB 3,393/mt ($475/mt), increasing by RMB 17/mt ($2.4/mt) or 0.5 percent since October 25, while down 1.19 percent compared to the previous trading day, October 31.
$1 = RMB 7.1135
