The Asian billet and rebar markets displayed mixed trends Nov. 10, with Chinese export billet declining, while rebar prices held stable.
Chinese rebar futures strengthened day over day, with traders in China saying domestic prices largely mirrored this trend.
In the Tangshan market, the tradable value for Q235 billet was heard at Yuan 3,010/metric ton, an increase of Yuan 10/mt from the previous day, according to a trader based in China.
The tradable value for HRB400 18-25 mm rebar in the Beijing rebar market rose Yuan 10/mt day over day to Yuan 3,100/mt, a trader said.
Platts assessed Chinese domestic Q235 billet at Yuan 3,010/ mt on a Tangshan ex-stock basis, up Yuan 10/mt day over day.
Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price at Yuan 3,100/mt ex-stock, up Yuan 10/mt day over day.
In the export market, offers for Chinese 3SP 150 mm billet were heard at $430/mt FOB China, with the most competitive offers stable, according to local traders.
A mill source in China stated that although the offers have been stable, sellers are willing to accept $425/mt FOB China levels due to unfavorable market conditions.
Offers for 3SP 150 mm billet from an Indonesia-based mill decreased $3/mt day over day to $430/mt on a FOB Indonesia basis, despite the bullish Chinese rebar futures, the source said.
The source characterized the current market conditions as “not good” and said sales of billets from the Indonesia-based mill have been poor recently due to its elevated offers compared to Chinese competitors. Meanwhile, mills in China are facing challenges in profitability, with some even operating at a loss.
Platts assessed Chinese export 3SP 150 mm billet at $425/mt FOB China, down $1/mt from the previous day.
In Manila, offers for 5SP 150 mm billets were heard at $450/ mt CFR Manila, while offers for 3SP 150 mm billets were at $445/ mt CFR Manila, according to a local trader. The most competitive offers rose $5/mt day over day.
Platts assessed 5SP 130 mm billets at $451/mt CFR Manila, up $1/mt from the previous day.
In Singapore, no formal offers were heard from Malaysian and
Chinese mills.
A local trader indicated that a Malaysia-based mill is aiming to sell rebar to Singapore at the last transaction level of $470/mt CFR Singapore.
A Malaysia-based buyer is acquiring 40,000-50,000 metric tons of finished products starting this month, an increase from approximately 25,000 mt previously, the trader said.
“If that’s the case, [it indicates that] market is quite good,” the trader added.
However, the trader was cautious on the demand trend, stating, “I’m guessing it will slow down since the RTS to Malaysia is kind of completed, but there are other upcoming projects; I’m uncertain whether demand will pick up.”
Platts assessed the 16-32 mm BS4449-grade 500 rebar at $470/mt CFR Southeast Asia, stable from the previous day.
In Hong Kong, no formal offers were heard from Chinese mills. A local fabricator indicated that $475/mt CFR Hong Kong would be a workable price for the sellers.
In Taiwan, a mill was heard to have maintained its rebar prices unchanged week over week at T$15,600/mt Nov. 10, according to a local trader.
Platts assessed the Chinese export 16-40 mm diameter BS500B-grade rebar at $462/mt FOB, stable from the previous day.
