China’s domestic rebar prices edged up on Wednesday November 4 amid increased demand brought about by futures strength.
*** China’s domestic rebar
- Eastern China (Shanghai): 3,830-3,850 yuan ($573-576) per tonne, up by 10-20 yuan per tonne
End users raised their procurement rates after becoming concerned about possible price increases upon seeing gains in the futures market, while some trading houses were also heard to have replenished their inventories though the tonnages involved were not large, sources told Fastmarkets.
This increased activity caused spot prices to rise.
A trader in Shanghai said his inventory has dropped gradually over the past three days, so he may increase his offer prices if futures continue to perform strongly.
*** Export
- Fastmarkets’ steel reinforcing bar (rebar) index export, fob China main port: $492.50 per tonne, up by $0.75 per tonne
Mills’ offers were flat at $505-515 per tonne fob and their workable prices were unchanged at $490-495 per tonne fob, market sources said.
*** China’s domestic rebar , Market chatter
“Stockists are selling rebar from their warehouses and buying positions for May contracts due to the considerable gap between the two. So it might be difficult for spot rebar prices to rise sharply amid the increased selling,” an industry analyst in Shanghai said.
The most-traded May rebar futures contract closed at 3,585 yuan per tonne on Wednesday, 245-265 yuan per tonne lower than eastern China prices.
*** Billet
As at 3pm, billet was being traded at 3,480 yuan per tonne including value-added tax in Tangshan, up by 20 yuan per tonne from a day earlier.
Billet import offers were around $455 per tonne cfr China, but bids were no higher than $450 per tonne cfr, sources said.
*** China’s domestic rebar , Shanghai Futures Exchange
The most-traded January rebar futures contract closed at 3,753 yuan per tonne on Wednesday, up by 45 yuan per tonne from a day earlier.
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