During the past week, ex-China rebar offer prices have edged up slightly compared to the previous week, while ex-ASEAN offers have remained stable and the market has also started to become inactive ahead of the Lunar New Year holiday.
Ex-China rebar offer prices have been heard at $560-580/mt FOB, for March shipment, edging up by 5/mt on average compared to January 19.
During the given week, rebar prices in the Chinese domestic market have increased as sellers have wanted to raise their prices ahead of the Chinese New Year holiday (February 9-16), while both supply and demand in the rebar market have been weak. The relatively high levels of iron ore prices have bolstered rebar prices from the cost side. It is thought that rebar prices in the Chinese domestic market will likely move sideways in the coming week as more and more market players will leave the market for the long holiday.
Offer prices of ex-Malaysia rebar have been heard at $570/mt DAP, Singapore, theoretical weight, stable over the past week. The tradable level has remained at $560-565/mt CFR Singapore. Offer prices for ex-Vietnam rebar have been heard at $560-565/mt FOB, theoretical weight.
In Hong Kong market, workable prices of ex-Malaysia rebar have been heard at $575/mt CFR, actual weight.
Average rebar spot prices in China have gained RMB 43/mt ($6.1/mt) compared to January 19, standing at RMB 4,020/mt ($566/mt) ex-warehouse, according to SteelOrbis’ information.
As of January 26, rebar futures at the Shanghai Future Exchange are standing at RMB 3,973/mt ($560/mt), increasing by RMB58/mt ($8.2/mt) or 1.5 percent since January 19.
$1 = RMB 7.1074