Asian rebar prices remained stable on Aug. 24, even as a new deal was heard bound for Singapore. The deal was priced at a level that was within expectations, after Platts normalized the price for shipping timing and quantity.
25,000 mt of Omani rebar was heard booked at $585/mt CFR Singapore, for late September shipment, on Aug. 22. As the current Platts assessment for seaborne CFR Southeast Asian rebar is for Oct. 19-Nov. 16 shipments, and for a minimum cargo volume of 5,000 mt, the price was normalized to $595/mt CFR.
In the wake of the Omani rebar deal, Platts assessed the 16-32 mm BS4449 Grade 500 rebar price at $598/mt CFR Southeast Asia, unchanged on the day, but higher than the deal price of $595/mt by $3/mt to account for the rise of raw material prices during the week.
Meanwhile, the Chinese export 16-20 mm diameter BS500B grade rebar was assessed at $595/mt FOB China, also unchanged. The assessment of the Beijing domestic HRB400 18-25 mm rebar spot price stood at Yuan 4,165/mt ($606/mt) ex-stock actual weight, including 13% value added tax, unchanged on the day.
A major export mill in eastern China reduced the export offer by $15/mt from Aug. 22, to $630/mt FOB China theoretical weight, for October shipment, the mill source said.
The most actively traded October 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 4,086/mt, up Yuan 34/mt on the day.
In the billet market, participants reported sluggish conditions. A Vietnamese mill source said several mills were experiencing liquidity issues and had to accept lower billet prices to repay bank loans and purchase more raw materials for production.
In the Chinese domestic billet market, the Platts assessment for Tangshan Q235 billet stood at Yuan 3,850/mt, up Yuan 20/mt day on day, after offer levels rose to Yuan 3,860/mt on Aug. 24.
China import 3SP 150 mm billet was assessed at $508/mt CFR China, up $3/mt, while Southeast Asia 5SP 130 mm spot billet was assessed down $2/mt at $528/mt CFR Manila.
