The Asian market for seaborne rebar stabilized April 19 as sellers held offers in view of stable rebar futures on the Shanghai exchange.
Platts assessed 16-20mm diameter BS500 rebar at $409-411/mt FOB China actual weight, unchanged from April 18.
In Singapore, traders’ offers remained unchanged for June and July/August shipment at $420/mt and $405/mt CFR theoretical weight respectively, equivalent to $416/mt and $401/mt FOB China actual weight, with $16/mt freight and 3% volume tolerance.
Several stockists said the market seems to have stabilized, but one said that sentiment was very weak.
Analysis continues below...
In Hong Kong, offers remained unchanged from April 18, Platts was told.
A stockist said the buying indication was similar for almost all Hong Kong buyers at $410/mt CFR Hong Kong actual weight.
Major Chinese mills continued to offer at $420/mt FOB China theoretical weight, equivalent to $433/mt FOB China actual weight, said market participants.
Market activity was low, as several market participants were heading to eastern China for meetings.
Platts analyzes other steel and scrap products in this feature:
Iron ore | Scrap | HRC | Rebar | Semi-finished | News
Next commentary: Chinese billet plummets on short-position offers in SE Asia