Asian rebar prices were steady for a third trading session Thursday, as buyers stayed on the sidelines amid unchanged offers.
S&P Global Platts assessed 16-20 mm diameter BS500 rebar at $440/mt FOB China actual weight Thursday, unchanged on the day.
The most actively traded May 2020 rebar contract on the Shanghai Futures Exchange closed at Yuan 3,524/mt Thursday, down Yuan 13/mt, or 0.4%, on the day.
China domestic rebar inventory level was still low, amid less production, a Shanghai-based trader said. Although the price down slightly Thursday, the price was still strong, he added.
In the Beijing retail market, spot 18-25 mm diameter HRB400 rebar was assessed at Yuan 3,720/mt ($530/mt) ex-stock actual weight, including 13% value added tax, down Yuan 50/mt on the day. Less cargo had been concluded Thursday, traders cut prices to improve trading activities while had limited effect, a Beijing-based trader said.
In Hong Kong, trader offered for Qatari rebar at $450/mt CFR Hong Kong actual weight for February shipment, two market sources said. This was equivalent to $439-$441/mt FOB China actual weight, assuming freight of $14/mt, after normalization for quality and quantity to Platts assessment standards.
Russian rebar of February shipment had been sold with a deal price at $450/mt CFR Hong Kong actual weight of 300,000 mt on Tuesday, three market participants said.
A high offer for Turkish rebar was at $470/mt CFR Hong Kong actual weight, another stockiest said.
Hong Kong local selling prices remained unchanged from last week at around $434/mt Thursday, a local stockiest said.
In Singapore, trader offered $460/mt CFR Singapore theoretical weight of Qatari cargo for March shipment, a fabricator said. This was equivalent to $456-$458/mt FOB China actual weight, assuming freight of $20/mt and 3% weight tolerance, after normalization for quality and quantity to Platts assessment standards.
Another bid was heard at $440/mt CFR Singapore theoretical weight, another fabricator said.
Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $445/mt CFR Southeast Asia Thursday, unchanged on the day.
-- Analyst Chelsea Ye, Joy Zhuo
