Asian rebar prices slightly fell on weak sentiment, with China futures plummeting on Sept. 24.

          Most overseas buyers held ample stocks amid normal demand.

          With no firm demand to support the market prices, rebar spot prices dropped after a two-day rise. Beijing spot market price of 18-25 mm diameter HRB400 rebar was assessed at Yuan 5,630/mt ($872/mt) ex-stock actual weight, including 13% value added tax, Sept. 24, down Yuan 40/mt day on day.

          The most actively traded January 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 5,468/mt ($846/mt) Sept. 24, down Yuan 137/mt from the previous session.

          S&P Global Platts assessed the 16-20 mm diameter BS500 rebar at $733/mt FOB China actual weight Sept. 24, down $2/mt on the day.

          In the seaborne rebar market, no buying mood was seen in both Hong Kong and Singapore.

          Offer was received for Turkish material at $740/mt CFR Hong Kong actual weight and above for November and December shipment. Price could be negotiated but most buyers were not in a hurry to purchase, said local buyers.

          Buying indication was heard at $715/mt CFR Hong Kong actual weight for December shipment.

          “Huge inventory plus huge pending shipment,” said a Hong Kong trader, adding that probably over 300,000 tons of rebar arrived in September. Some buyers said they may not need to purchase until end of the year.

          In Singapore, trading activities were calm due to uncertain COVID-19 situation.

          “No updates on rebar,” said a fabricator.

          Platts assessed the 16-32 mm diameter BS4449 Grade 500 rebar at $716/mt CFR Southeast Asia Sept. 24, down $1/mt on the day.

-- Steel Business Briefing