The Asian billet and rebar markets remained rangebound on Jan. 6, exhibiting stability in export offer prices, although buyers expressed reluctance to accept the elevated pricing levels.
In the Chinese domestic market, the tradable value for Q235 billet was reported at Yuan 3,000/mt on an ex-stock Tangshan basis, marking an increase of Yuan 10/mt from the previous day.
Conversely, in the Beijing rebar market, the tradable value for HRB400 18-25 mm rebar was reported at Yuan 3,110/mt, reflecting a decrease of Yuan 20/mt from the previous day.
Platts assessed Chinese domestic Q235 billet at Yuan 3,000/mt on a Tangshan ex-stock basis, up Yuan 10/mt day over day.
Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price at Yuan 3,110/mt ex-stock, down Yuan 20/mt day over day.
Despite fluctuations in domestic prices, export offers remained stable day over day. Offers for Chinese 3SP 150 mm billet were noted at $435-$440/mt FOB China.
A Chinese-origin offer for 3SP 150 mm billet was reported at $460/mt CIF Thailand, according to a Thailand-based trader.
Platts assessed Chinese export 3SP 150 mm billet at $434/mt FOB China, stable from the previous day.
In the rebar export market, a trader in China reported offers for Chinese-origin rebar on a CFR Singapore basis ranging from $480/mt to $485/mt, based on theoretical weight, while offers for rebar to Hong Kong were noted at $480-$485/mt CFR based on actual weight.
Market sources anticipated a resurgence of activity following a two-week lull due to the holiday season; however, the trader noted that the market remained subdued, with limited activities attributed to a wide bid-offer gap
Buying indications from Hong Kong and Singapore were noted at $15/mt below the offered levels, according to the trader.
In Singapore, offers from Malaysian origins were reported to be in the same range as those from Chinese origins, with the most competitive offers remaining stable.
Platts assessed the 16-32 mm BS4449-grade 500 rebar at $472/mt CFR Southeast Asia, stable from the previous day.
Platts assessed the Chinese export 16-40 mm diameter BS500B-grade rebar at $464/mt FOB, stable from the previous day.
In Manila, sellers’ tradable values for 5SP 150 mm billets were reported at $455-$460/mt CFR Manila, according to a Singapore based trader.
The trader commented that “the downward trend in Shanghai Futures Exchange rebar futures prices alongside an upward momentum in export offers are expected, as China’s export licensing management would likely redirect some volumes back into China.
However, the market is currently quite quiet; with limited pricing information and trade negotiations happening, it is too early to tell the market’s direction.”
