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This is due to cargoes being shipped from main ports such as that in Zhangjiagang, rather than just from Tianjin, and their freight rates are similar.
The amended specifications for this index will be as follows: Steel reinforcing bar (rebar) index export, fob China main port, $/tonne Quality: BS500B, chromium added, other grades normalized, diameter 12-32mm Quantity: 100-5,000 tonnes Location: fob China main ports Timing: 4-6 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Daily, 4.30pm Shanghai time Notes: Tax rebate of 13%, subtracted from 13% value-added tax. Data history as an assessment from July 2007 and as an index from October 2017
The one-month consultation for this proposed amendment will end on Wednesday September 23, with changes taking place – subject to market feedback – beginning September 24. To provide feedback on this assessment, or if you would like to provide price information by becoming a data submitter to this price assessment, please contact Paul Lim and Jessica Zong by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Paul Lim/Jessica Zong, re: fob China rebar index.’ To see all of Fastmarkets’ pricing methodology and specification documents, go to www.fastmarkets.com/about-us/methodology.