Asian rebar prices rose on news that the Chinese government has lowered the one-year loan prime rate by 5 basis points to 3.65% on Aug. 22, boosting sentiment that property markets could recover and spur construction steel demand.

          China trimmed the LPR a week after it cut two interest rates, which was seen as helping revive credit demand, and boosting the country's property market and economy, a Shanghai-based analyst said.

          Following the news of the LPR cut, Chinese rebar futures recouped some of last week's losses by rising Aug. 22. The most actively traded October 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 4,010/mt ($586/mt), up Yuan 81/mt on the day.

          With sentiment improving in the market, trading activities in Beijing increased, with the highest deal concluded at Yuan 4,020/mt ex-stock Beijing theoretical weight, or Yuan 4,144/mt actual weight. The assessment of Beijing domestic HRB400 18-25 mm rebar spot price stood at Yuan 4,144/mt ($608/mt) ex-stock actual weight, including 13% value added tax, up Yuan 41/mt on the day.

          Meanwhile, the seaborne rebar market also edged up amid the strengthened sentiment and signs that mills' offer levels could not go lower. A Singapore-based trader said the lowest offer by a Malaysian mill was at $620/mt CFR Singapore, and it "might not" go down to $600/mt.

          However, rebar buying interest was muted in Singapore amid bearish sentiment and high inventory levels.

          "The Singapore [market] is not good," a Singapore-based fabricator source said, adding that they heard traders offering Omani rebar cargo at $585/mt for 25,000 mt of rebar but did not hear of any deal. The same source said the offer was likely a trader taking up a short position in the market.

          Platts assessed the 16-32 mm BS4449 Grade 500 rebar price at $601/mt CFR Southeast Asia, up $2/mt on the day. Chinese export 16-20 mm diameter BS500B grade rebar was assessed at $595/mt FOB China, also up $2/mt.

          In the Chinese domestic billet market, the Platts assessment for Tangshan Q235 billet stood at Yuan 3,780/mt, up Yuan 80/mt day on day, after offer levels rose to Yuan 3,790/mt on Aug. 22.

           Thailand-origin induction furnace billet was heard offered at $515-$520/mt FOB Thailand but the offer was considered "too high now" by a trader source.

          China import 3SP 150 mm billet was assessed at $499/mt CFR China, up $6/mt, while Southeast Asia 5SP 130 mm spot billet was assessed unchanged at $530/mt CFR Manila.