SHANGHAI, Sept. 1, 2015 /PRNewswire/ -- Platts, a leading global energy, petrochemicals and metals information provider and a premier source of independent benchmark price references, Tuesday increased the frequency of one of its steel price assessments aimed at those procuring Chinese exported material. The Platts price assessment for steel reinforcement bar (rebar) free on board (FOB) in China is now published daily instead of weekly.

The physical spot market price of rebar on an FOB China basis was assessed Tuesday at $282.50 per metric ton (/mt), down $7.50/mt, or 2.6%, from the beginning of August, Platts data showed. This is the lowest level the price has reached since October 2006, when Platts started publishing the assessment.

The Platts FOB China Rebar steel assessment follows the move in the Platts FOB China Hot Rolled Coil assessment to daily from weekly on June 1, 2015, and enhances Platts' suite of price references tracking rapidly growing Chinese steel exports.

Platts FOB China Rebar reflects the transactable value of physically-traded rebar, a long steel product that underpins the construction industry.

"Chinese rebar exports, by virtue of their sheer growth in volume, largely influence not just the trade price in Asia, but the world," said Keith Tan, Platts managing editor for steel and raw materials. "With steel being in excess capacity globally and price competition among producers and traders intensifying, the daily Platts assessment will be closely watched as a barometer of rebar spot prices."

Platts' assessment is normalized to BS 4449: 2005 B500B or equivalent specifications, with dimensions of 16-20 millimeters in diameter and 12 meters in length. It is published on an FOB China basis, normalized to the port of Tianjin.

The assessment complements Platts' existing rebar price references tracking the Chinese domestic markets in Beijing and Shanghai, as well as a cost and freight (CFR) East Asia basis.

The Platts FOB China Rebar assessment is published in Platts Steel Markets Daily, Platts SBB Daily Briefing, Platts Steel Price Report and in real-time news, data and information services Platts Metals Alert and Platts Market Center.

For more information on Platts, visit www.platts.com.

CONTACT
Global, Americas: Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@platts.com

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SOURCE Platts

SOURCE: Platts