During the given week, ex-China rebar offer prices have edged up compared to the previous week amid increasing rebar futures. At the same time, Malaysian rebar prices have hit a new bottom, becoming the most competitive in Asia.
Ex-China rebar offer prices have been heard at $530-550/mt FOB, May shipment, edging up by 10/mt on the higher end compared to March 15.
During the given week, inventory of rebar in the Chinese domestic market has declined amid livelier transaction activities as downstream users have been willing to conclude purchases. At the same time, rebar futures prices have rebounded, positively affecting prices in the spot market. It is expected that rebar prices will likely continue their uptrend amid improving demand.
Meanwhile, offer prices of ex-Malaysia rebar have been heard at $530-540/mt DAP Singapore on theoretical weight, or $530/mt CFR. The slack demand in Singapore has dragged down rebar prices. At the same time, offer prices of ex-Vietnam rebar have been heard at $530/mt FOB, theoretical weight. The tradable level in Singapore has slipped by $10-15/mt over the past week to $525/mt CFR.
In Hong Kong, offer prices of ex-Vietnam rebar have been heard at $550/mt CFR, actual weight, while reference deal prices of ex-Malaysia rebar have been heard at $540-545/mt CFR, actual weight.
Average rebar spot prices in China have gained RMB 64/mt ($9/mt) compared to March 15, standing at RMB 3,667/mt ($516.5/mt) ex-warehouse, according to SteelOrbis’ information.
As of March 22, rebar futures at Shanghai Futures Exchange are standing at RMB 3,612/mt ($509/mt), increasing by RMB 122/mt ($17.2/mt) or 3.5 percent since March 15, while up 0.7 percent compared to the previous trading day, March 21.
$1 = RMB 7.1004