During the given week, ex-China rebar offer prices have moved on a downtrend compared to the previous week, while demand in China and in the import market in Southeast Asia has slackened further with bids going down.
Ex-China rebar offer prices have been heard at $550-570/mt FOB, April shipment, edging down by $10/mt on average compared to January 26.
During the given week, rebar prices in the Chinese domestic market have fluctuated within a limited range as most construction sites halted activities, while most market players left the market for the long holiday. The rebar prices in the Chinese domestic market will remain unchanged next week, while prices are expected to see a rebounding trend following the holiday.
The Southeast Asian rebar market has been quiet in the given week. Ex-Malaysia rebar has been available at $565/mt CFR Singapore, theoretical weight, almost stable from last week. Offer prices of ex-Vietnam rebar have been heard at $575/mt CFR.
In Hong Kong market, buyers are targeting $550-555/mt CFR, delivery in April, while the demand has been slack as it drew closer to the Chinese New Year holiday (February 9-16).
Average rebar spot prices in China have lost RMB 30/mt ($4.2/mt) compared to January 26, standing at RMB 3,990/mt ($562/mt) ex-warehouse, according to SteelOrbis’ information.
As of February 2, rebar futures at the Shanghai Future Exchange are standing at RMB 3,825/mt ($539/mt), decreasing by RMB 148/mt ($21/mt) or 3.7 percent since January 26, while decreasing by 1.19 percent compared to the previous trading day (February 1).
$1 = RMB 7.1006