***China’s rebar Domestic prices
Eastern China (Shanghai): 3,800-3,840 yuan ($565-571) per tonne, up 10-30 yuan per tonne
Northern China (Beijing): 3,780-3,820 yuan per tonne, up 20-30 yuan per tonne
Vale has suspended port activities at its Guaiba Island Terminal on instructions from local authorities. This is expected to affect seaborne iron ore supply as well as prices, market participants said.Rebar futures rose as a result of these developments, they added. These gains coupled with good weather resulted in stronger demand for rebar in most major markets.A few traders even stopped selling in the afternoon in the hope of capitalizing on higher prices later.
***China Rebar Index
MB fob China Rebar Index: $524 per tonne, up $1.55 per tonneRebar offers were flat during the day, at $525-530 per tonne fob.The strengthening domestic market led a few participants to expect mills to take bookings on slightly higher prices than on Monday. They reckoned mills would likely agree to a minimum price of $520 per tonne fob, up $5 per tonne from Monday’s $515 per tonne fob.Others still thought $525 per tonne fob was a workable price for mills, the same as a day earlier.
Buyers in Hong Kong and Singapore are unlikely to buy much Chinese rebar if at all, since they are able to secure supply at much lower prices.A deal involving Malaysian product was heard to have been concluded at $490 per tonne cfr Hong Kong, although there was no information about the tonnage involved.A few other buyers in Southeast Asia could book small quantities of Chinese rebar at $520-525 per tonne fob because they typically do not procure cargoes as large as 10,000 tonnes, market sources said.
Market chatter
“Tangshan’s winter production restrictions are scheduled to come to an end on March 31, and electrical-arc furnace operators are said to be raising output, so rebar supply will increase gradually, which might slow the price increases although demand is picking up,” a trader in Shanghai said.
Billet
As at 3pm, billet was being traded at 3,440 yuan per tonne including VAT in Tangshan, up 10 yuan per tonne from a day earlier.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,815 yuan per tonne on Tuesday, up 92 yuan per tonne from a day earlier.
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