The Asian rebar and billet markets were largely stable Jan. 25 in the wake of the Lunar New Year holidays.

          A last rebar deal done Jan 20. was at $645/mt DAP Singapore basis, and DAP prices are usually $8-$10/mt higher than CFR basis. But there were no bids, offers, and deals. The rebar market is expected to be quiet until the Lunar New Year holidays conclude, and China starts trading, said a Malaysia-based trader.

          “There were no offers today, silent. Customers will be back next week,” said a trading source.

          Platts assessed the 16-32 mm BS4449 grade 500 rebar price unchanged at $645/mt CFR Southeast Asia, while the Chinese export 16-20 mm diameter BS500B grade rebar declined marginally to $631/mt FOB China.

          Domestic Beijing HRB400 18-25 mm rebar spot price was assessed unchanged at Yuan 4,196/mt ex-stock actual weight, including 13% value added tax, as market participants in China were on holiday.

          The seaborne billet market was also muted.

          “Up till the Lunar New Year, Manila-based clients were expecting $600-$610/mt CFR Manila for 3SP 130 mm and 5SP 130 mm. It was not a firm bid, but they expect iron ore may be dropping slowly. International scrap levels will also be considered," said a trading source. “Manila buyers won’t bid at the moment. Let’s wait until end of this week when Chinese slowly come back to market. Before holidays, price goes up and after holidays it drops, this is the case historically.”

          Customers are not prepared to pay above $600/mt, said a Philippines-based trader. The buyers' tradable level is $585/mt for 5SP 130X130 mm but that’s not reasonable from the seller’s perspective for March shipment, and there are no bids Jan. 25, the trader said. "I don’t have one from customers. It has been very quiet since China went on holiday. Chinese traders dominate the market, the market is half asleep."