During the given week, ex-China rebar offer prices have moved down compared to the previous week.
Ex-China rebar offer prices have been heard at $510-525/mt FOB, for August delivery, edging down by $2.5/mt on average compared to June 28.
“During the given week, rebar prices in the Chinese domestic market have risen amid the improved market sentiments, while many steelmakers have halted their production activities, resulting in decreasing outputs of rebar, bolstering prices to a certain degree. Although the rainy season is over, hot weather is anticipated and so it is expected that the rising trend of rebar prices in the Chinese domestic market will likely slow down in the coming week,” an international trader said.
Offer prices of ex-Malaysia rebar have been heard at $515/mt, CFR Hong Kong, actual weight.
Offer prices of ex-Malaysia rebar have been heard at $520/mt, DAP, theoretical weight, Singapore, down $7.5/mt week on week.
Average rebar spot prices in China have gained RMB 43/mt ($6.0/mt) compared to June 28, standing at RMB 3,613/mt ($507/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 5, rebar futures at Shanghai Futures Exchange are standing at RMB 3,553/mt ($498/mt), increasing by RMB 9/mt ($1.3/mt) or 0.25 percent since June 28, while down 1.74 percent compared to the previous trading day, July 4.
$1 = RMB 7.1289