Asian rebar prices were steady on Feb. 8, with some traders testing and collecting bids in the market. Chinese spot trading activities slowed down amid pre-holiday mood. Billet prices plunge following weak demand in the Philippines.
Platts assessed 16-20 mm diameter BS500 rebar at $628/mt FOB China actual weight Feb. 8, unchanged day on day, and Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $621/mt CFR Southeast Asia, unchanged from the same period.
In Hong Kong, indicative offer for India rebar was at $650/mt CFR actual weight for March to April shipment, said a local stockist.
In Singapore, a single offer received for India rebar at $630/mt CFR Singapore theoretical weight for April to May shipment, said a local fabricator.
“Now, China [is] quiet, and many predict [price] will go up after Lunar New Year,” said a buyer in Singapore.
China domestic market prices slightly increased for both rebar and billet on strong futures prices.
The most actively traded May 2021 rebar contract on the Shanghai Futures Exchange closed at Yuan 4,335/mt, up Yuan 50/mt, or 1.2% day on day.
In the Beijing retail market, 18-25 mm diameter HRB400 rebar was assessed at Yuan 4,250/mt ($657/mt) ex-stock actual weight, including 13% VAT, up Yuan 10/mt day on day.
Tangshan Q235 billet price increased by Yuan 30/mt from Feb. 5 and was assessed at Yuan 3,990/mt ($617/mt or $546/mt after value added tax deducted), despite a slowdown in demand.
Separately, S&P Global Platts assessed Southeast Asia 5SP 130 mm spot billet at a midpoint of $543/mt CFR Manila on Feb. 8, down $7/mt day on day.
In the Philippines, a few traders quoting billet in the market due to slow purchasing interest from buyers.
Selling indication from Russian billet was at $545-$550/mt CFR Manila April shipment, for 5SP 130 materials, with bid only at $525/mt CFR, said a Russian mill source.
Offers from traders for Russian 5SP 125 mm were heard at $530-$540/mt CFR Manila, said two eastern China traders.
The wide price gap between bid and offer makes it hard to concluded before Lunar New Year holiday.
-- Steel Business Briefing
