Asian rebar and billet prices inched down on weak sentiment amid a drop in Chinese markets.

          The most actively traded January 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 4,655/mt ($729/mt), down Yuan 262/mt from the previous session. The lowest price reached by the contract during the trading day was at Yuan 4,624/mt -- a seven-month low.

          The Beijing spot market price of 18-25 mm diameter HRB400 rebar was assessed at Yuan 5,340/mt ($836/mt) ex-stock actual weight, including 13% value added tax, down Yuan 125/mt on the day.

          In the seaborne rebar market, offers remained at $755-$760/mt CFR Singapore theoretical weight, and $760/mt CFR Hong Kong actual weight for Middle Eastern material, December shipment, said two market sources.

          Demand for rebar in the Singapore market was impacted by the COVID-19 restrictions.

          "It [the pandemic] affects manpower plans," said a fabricator.

          Buying indications were heard at $735-$740/mt CFR Singapore theoretical weight for December shipments, a second Singapore-based fabricator said.

          S&P Global Platts assessed the 16-20 mm diameter BS500 rebar at $749/mt FOB China actual weight on Oct. 27, down $2/mt day on day. Platts assessed the 16-32 mm diameter BS4449 Grade 500 rebar at $739/mt CFR Southeast Asia Oct. 27, down $1/mt on the day.

-- Steel Business Briefing