Asian rebar prices held steady May 2 as key market China was on Labour Day holidays until May 3, while tradable levels for billet fell on a bearish market.

          Rebar offers held steady May 2, with a Middle Eastern offer heard at $605-$610/mt CFR Singapore while a Malaysian mill offer was heard tradable at $595/mt DAP Singapore.

          A Singapore fabricator said a tradable level was at $585- $590/mt CFR Singapore for BS500B import rebar.

          “There is not much change from last week as the market is still quiet, the futures market is still closed and market participants are unable to change prices based on a fluctuation in futures,” said the fabricator source.

          Platts assessed the 16-32 mm BS4449 Grade 500 rebar price at $589/mt CFR Southeast Asia, unchanged day on day.  

          The Chinese export 16-20 mm diameter BS500B grade rebar was assessed at $579/mt FOB China, also unchanged.

          The domestic Beijing HRB400 18-25 mm rebar spot price was assessed at Yuan 3,835/mt ($555/mt) ex-stock actual weight, including 13% value added tax, unchanged on May 2.

---S&P Global Commodity Insights.