OREANDA-NEWS. Spot prices of regionally-traded rebar in Asia held steady on May 30 for the third straight business day as trading was almost stagnant amid the uncertainty of China’s domestic market.

S&P Global Platts assessed 16-20mm diameter BS500 rebar May 30 unchanged on the day at $313-315/metric ton FOB China actual weight.

Chinese exporters were reluctant to lower their offers further and overseas buyers continued to hold off purchasing, maintaining a bearish outlook.

Offers from Chinese traders remained unchanged at about $320/mt CFR Hong Kong actual weight, equivalent to $314/mt FOB assuming a freight rate of $6/mt, regional trading sources said.

However, Chinese mills continued to peg their offers higher despite buyers expecting to purchase at a much lower level of $300-310/mt CFR. One Chinese mill was quoting at $320/mt FOB actual weight.

“Rebar prices are little changed Monday [May 30],” said a Hong Kong-based stockist. He didn’t think any deals would be concluded for the time being as buyers would rather wait for more direction.

The Singapore market was also quiet due to the huge gap between higher offers by Chinese exporters and low expectations of local buyers.

“We will not consider placing any orders at the present time. Let’s just wait and see,” said a Singapore-based stockist.