Asian rebar prices edge down amid weakness in China

Friday, 12 January 2024 15:24:11 (GMT+3)   |   Istanbul
       

During the given week, ex-China and ex-Malaysia rebar offer prices have edged down, following the drop in futures and raw material prices.

Ex-China rebar offer prices have been heard at $550-580/mt FOB, for March shipment, edging down by $5/mt on average compared to January 5. During the given week, rebar prices in the Chinese domestic market have seen continuous decreases amid declining rebar futures prices, while demand has been slack, resulting in increasing inventory levels, which have negatively affected rebar prices, and this situation will likely continue in the coming week.

Offer prices of ex-Malaysia rebar have been heard at $570/mt DAP Singapore, theoretical weight, down by $5/mt over the past week. This level translates to $565/mt CFR, but the tradable level is not above $560/mt CFR.

Offer prices of ex-Malaysia rebar have been heard at $580/mt CFR Hong Kong, actual weight, while offer prices of ex-Vietnam rebar have been heard at $600/mt CFR.

Average rebar spot prices in China have lost RMB 40/mt ($5.6/mt) compared to January 5, standing at RMB 3,997/mt ($563/mt) ex-warehouse, according to SteelOrbis’ information.

As of January 12, rebar futures at the Shanghai Future Exchange are standing at RMB 3,902/mt ($550/mt), decreasing by RMB 77/mt ($11/mt) or 1.94 percent since January 5.

$1 = RMB 7.105


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