During the given week, Asian rebar offer prices have remained stable compared to the previous week as demand has been poor but raw material prices are high, which prevented any downward correction.
Ex-China rebar offer prices have been heard at $560-580/mt FOB, for March shipment, remaining stable on average compared to December 29. Rebar prices in the Chinese domestic market have seen slight rises amid decreasing production and increasing import iron ore prices, while more rebar producers have implemented maintenance works, reducing the output of rebar and providing some support for prices. “But demand has been slack, which will result in a fluctuating trend in local rebar prices in China in the coming week,” an international trader said.
Offer prices of ex-Malaysia rebar have been heard at $575/mt DAP Singapore, theoretical weight, in line with last week, while the last tradable level has been at $565/mt CFR maximum.
Ex-Middle East rebar has been available at $580-585/mt CFR Hong Kong, actual weight.
Average rebar spot prices in China have gained RMB 14/mt ($2/mt) compared to December 29, standing at RMB 4,037/mt ($569/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 5, rebar futures at the Shanghai Future Exchange are standing at RMB 3,979/mt ($560/mt), decreasing by RMB 23/mt ($3.2/mt) or 0.57 percent since December 29.
$1 = RMB 7.1029