Southeast Asian rebar prices were unchanged Oct. 8, despite a sharp increase in China domestic.

          The most actively traded January 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 5,750/mt Oct. 8, up Yuan 44/mt from Sept. 30. The highest price during the day session was Yuan 5,843/mt, which was earlier reached in mid-May.

          The futures rally had a subsequent impact on spot prices. Beijing spot market price of 18-25 mm diameter HRB400 rebar was assessed at Yuan 5,970/mt ($924/mt) ex-stock actual weight, including 13% value added tax, up Yuan 55/mt from Sept. 30.

          A major eastern China mill announced its fresh weekly offers for BS500 rebar at $940/mt FOB China for November shipments, up $25/mt from Sept. 29, said the mill source. This price level was equivalent to $969/mt FOB actual weight.

          S&P Global Platts assessed the 16-20 mm diameter BS500 rebar at $738/mt FOB China actual weight Oct. 8, up $3/mt from Sept. 30.

          Both Hong Kong and Singapore rebar buyers were yet to receive offers from traders, while overall market prices increased sharply.

          Turkish rebar prices were pushed up by higher scrap prices, said a trader, adding that scrap prices rose by nearly $20/mt compared with Sept. 30.

          Platts assessed the 16-32 mm diameter BS4449 Grade 500 rebar at $725/mt CFR Southeast Asia Oct. 8, unchanged on the day.

-- Steel Business Briefing