Asian rebar prices declined Aug. 26 on weak buying interest amid subdued China market.

         In China, the most actively traded January 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 5,108/mt ($789/mt), down Yuan 128/mt on the day. In Beijing rebar spot market, price of 18-25 mm diameter HRB400 rebar was assessed at Yuan 5,215/mt ($806/mt) ex-stock actual weight, including 13% value added tax, down Yuan 35/mt day on day.

         Construction steel inventory level in Beijing area was heard at around 668,000 mt, down 6,000 mt from Aug. 17, said a market source.

         S&P Global Platts assessed 16-20 mm diameter BS500 rebar at $730/mt FOB China actual weight Aug. 26, down $2/mt on the day.

         In Hong Kong, with a sharp decrease in China market, some buyers lowered their buying indications on rebar.

         Offers were received at $730/mt CFR Hong Kong actual weight for Vietnamese materials, said two stockists.

        “I think if the price continued to drop, demand would remain sluggish,” said a Hong Kong-based stockist.

        Tender prices in the market were at around $751-$758/mt CFR Hong Kong actual weight, delivered to construction sites.

        Meanwhile, several buyers in Singapore were receiving offers from Indian and Middle Eastern with prices at $732/mt CFR and $738/mt CFR theoretical weight, respectively.    

       “Demand was slow in Singapore,” said a fabricator, adding that “working activities in some construction sites have stopped again due to COVID-19 positive cases.”       

        Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $729/mt CFR Southeast Asia, down $2/mt on the day. 

-- Steel Business Briefing