During the given week, ex-China rebar offer prices have moved sideways compared to the previous week and overall sentiment locally has been cautiously positive. Nevertheless, Southeast Asia’s import rebar market has remained weak and tradable prices have slipped.
Ex-China rebar offer prices have been heard at $470-480/mt FOB, for January shipment, moving sideways on average compared to November 22.
During the given week, rebar prices in the Chinese domestic market have edged up slightly amid increasing rebar futures prices. Demand from downstream users has improved to a certain degree. The inventory of rebar has decreased, bolstering prices. Since the end of the year is approaching, the stabilization of investment and stimulus measures for infrastructure will likely exert a positive impact on the demand for rebar. It is expected that rebar prices in the Chinese domestic market will edge up slightly in the coming week.
In the Singapore market, import offer prices of ex-Malaysia rebar have been heard at $495-500/mt CFR DAP theoretical weight, translating to $490/mt on CFR basis, moving down from $495-500/mt CFR from different sources last week. Chinese suppliers have still been officially holding offers at $495-500/mt CFR, but the tradable level has been assessed at $485-490/mt CFR.
In the Hong Kong market, offer prices of ex-China rebar have been heard at $495-500/mt CFR, actual weight, down by $5/mt on average compared to the previous week.
Average rebar spot prices in China have gained RMB 7/mt ($1/mt) compared to November 22, standing at RMB 3,427/mt ($477/mt) ex-warehouse, according to SteelOrbis’ information.
As of November 29, rebar futures at Shanghai Futures Exchange are standing at RMB 3,318/mt ($461.5/mt), increasing by RMB 41/mt ($6.3/mt) or 1.25 percent since November 22, while up 0.48 percent compared to the previous trading day, November 28.
$1 = RMB 7.1877