Asia rebar continues to drop on falling Chinese offers

摘要

Spot prices of seaborne rebar in Asia continued to drop Friday. Chinese mills actively gave lower offers as domestic rebar prices lost ground in sync with the slide in Shanghai rebar futures. S&P Global Platts assessed 16-20mm diameter BS500 rebar at $546/mt FOB China actual weight, with the midpoint down $5/mt from Thursday. In Singapore, a deal was heard concluded for 10-40mm rebar at $560/mt CFR theoretical weight for a cargo of about 18,000mt for March shipment. This was equivalent to $540-555/mt FOB China actual weight assuming freight at $20/mt after normalizing for quantity and size.