During the given week, ex-China rebar offer prices have moved down compared to the previous week due to falling futures prices and slack demand, and so mills in the ASEAN region have had to follow.
Ex-China rebar offer prices have been heard at $520-530/mt FOB for May shipment, moving down by 15/mt on average compared to March 22.
During the given week, downstream users have been unwilling to conclude purchases for rebar amid the decreasing trend of prices. Demand for rebar has been sluggish, which has exerted a negative impact on prices. At the same time, import iron ore prices have softened, weakening the support for rebar prices from the cost side. It is expected that rebar prices in the Chinese domestic market will edge down in the coming week.
Against the background of falling steel prices in the international market, demand for rebar from buyers has been slack in Singapore. Offer prices of ex-Malaysia rebar have been heard at $520-530/mt DAP Singapore, falling by $10/mt over the past week, translating to $515-525/mt on CFR basis. Offer prices of ex-Vietnam rebar have been heard at $525/mt FOB on theoretical weight basis, down by $5/mt.
In Hong Kong, offer prices of ex-Vietnam rebar have been heard at $540/mt CFR, actual weight, while reference deal prices of ex-Malaysia rebar have been heard at $535/mt CFR, actual weight, both down $10/mt compared to last week.
Average rebar spot prices in China have lost RMB 117/mt ($16.5/mt) compared to March 22, standing at RMB 3,550/mt ($500/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 29, rebar futures at Shanghai Futures Exchange are standing at RMB 3,412/mt ($509/mt), decreasing by RMB 200/mt ($28.2/mt) or 5.5 percent since March 22, while down 1.76 percent compared to the previous trading day, March 28.
$1 = RMB 7.1004