During the given week, prices for imported rebar have decreased in Asia, with ex-Turkey rebar becoming the most competitive again after the latest price drop. At the same time, Chinese rebar exporters have increased prices, not willing to sell for now and seeing still high iron ore prices.
Following a round of declines in global scrap prices, ex-Turkey rebar has become more competitive, standing at $600-610/mt CFR Singapore on theoretical weight basis. Last week, a deal was rumored at $625/mt CFR on theoretical weight basis, as SteelOrbis reported earlier.
In Hong Kong, the tradable value for ex-Turkey rebar is at $620-625/mt CFR actual weight. Last week a deal for ex-Russia rebar was at $630/mt CFR actual weight, while Turkish producers were asking for $650/mt CFR in Hong Kong last week.
Ex-China rebar offer prices have been heard at $630-640/mt FOB, for April shipment, moving up by $10/mt on average compared to January 29. “The rebounding trend in rebar futures prices positively affected ex-China rebar prices, and the high levels of raw material prices provided support for ex-China rebar prices,” an international trader said.
Rebar futures prices in China have indicated a rebounding trend, exerting a positive impact on ex-China rebar offer prices. Steelmakers’ inventories of rebar are at relatively high levels, while the production cost of rebar is at high levels, bolstering prices. Most market players are ready for the Chinese New Year Holiday, and so ex-China rebar prices will likely move sideways in the coming two weeks.
Average rebar spot prices in China have lost RMB 4/mt ($0.6/mt) week on week to RMB 4,353/mt ($673/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 5, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,285/mt ($662.3/mt), increasing by RMB 18/mt ($2.8/mt) or 0.42 percent since January 29.
$1 = RMB 6.471