Asian rebar prices increased as some buyers held bullish outlooks on the prices and tried to follow the trends in the market.
The 16-20 mm diameter BS500 rebar grade was assessed up $1/mt at $836/mt FOB China actual weight March 31, while the 16-32 mm diameter BS4449 Grade 500 rebar price was up $1/mt at $854/mt CFR Southeast Asia during the Platts Market on Close assessment process.
As certain fabricators held an optimistic stance on the price trajectory, rebar buyers in the Singapore market upped their purchasing hints to $845-$850/mt CFR Singapore theoretical weight.
According to a Singapore-based fabricator, the tradable value for Malaysian rebar in the 16-25mm range was $850-$860/mt CFR Singapore notional weight for various amounts.
The market was buzzing about a deal involving Malaysian rebar being sold to a fabricator for $860/mt CFR Singapore theoretical weight, albeit this agreement had yet to be confirmed at the time of publishing.
Selling indications for Chinese BS500 rebar to Singapore were $870-$880/mt CFR, unchanged from the previous day, and to Hong Kong were $890-$900/mt, also constant.
"Overall market prices on rebar were strong," said a Singapore-based fabricator, adding that buyers have no choice but to follow the sellers’ selling indication since they have limited material to choose from.
Beijing spot prices for HRB400 rebar, 18-25 mm in diameter, were unchanged from the previous session at Yuan 5,093/mt ($802/mt) ex-stock Actual Weight (including 13% VAT).
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.