During the given week, Asian rebar offer prices have moved sideways as demand has been weak, though at the same time prices have gained support from high raw material prices.
Ex-China rebar offer prices have been heard at $560-580/mt FOB, for March shipment, moving sideways on average compared to December 22.
During the given week, rebar prices in the Chinese domestic market have fluctuated within a limited range amid steel producers’ declining outputs and the increasing inventory levels, while the demand for rebar has slackened. “Cautious sentiments have prevailed among market players, though rebar prices have gained support from the high levels of iron ore prices, which may result in a stable trend in rebar prices in the near future, though demand may remain quiet due to the New Year holiday (December 29-January 1),” an international trader said.
Offer prices of ex-Malaysia rebar have been heard at $570-575 CFR Hong Kong, actual weight, a slight change from $570-575/mt CFR last week, while offer prices for ex-Vietnam and ex-Qatar material have been heard at $580/mt CFR Hong Kong, actual weight.
Prices of ex-Malaysia have been heard at $565-570/mt CFR, Singapore, theoretical weight, with the lower end of the range confirmed in one booking as reported last week, while the higher end reflects stable offers.
Average rebar spot prices in China have fallen by RMB 7/mt ($1/mt) compared to December 22 to RMB 4,023/mt ($567/mt) ex-warehouse, according to SteelOrbis’ information.
As of December 29, rebar futures at the Shanghai Future Exchange are standing at RMB 4,002/mt ($564/mt), decreasing by RMB 2/mt ($0.28/mt) or 0.05 percent since December 22.
$1 = RMB 7.0957