Indian rebar export market remained silent for yet another week as key importing nations held back from making fresh inquiries.
A private mill was heard to have increased its rebar export offers to $730/tonne (t) CFR Hong Kong on an actual weight (AW) basis this week. According to market sources, no rebar export booking has been reported in the past couple of weeks.
Not many Indian mills are seen to be active in exports currently due to the absence of bids from Singapore and Hong Kong, which are amongst the key importers of rebar from India, SteelMint understands.
“The re-bar market is rather dull due to absence of deals and any firm offers,” a reliable source told SteelMint. Another credible source said, “Increased offers for exports would not be workable enough considering last week’s billets deal that was booked at around $705-710/t CFR China.”
Also, SHFE re-bar futures exhibited a volatile trend throughout the week. According to data maintained with SteelMint, the Chinese SHFE rebar futures contract for Jan’22 delivery closed today, 17 Sep’21, at RMB 5,478/t ($849/t), decreasing sharply by RMB 162/t ($25/t) w-o-w.
India recorded a noticeable 150% y-o-y rise in its rebar export volumes in Jan-Aug’21. The volumes stood at 0.85 million tonnes (mn t) in Jan-Aug’21 as against 0.34 mn t in Jan-Aug’20, as per customs data compiled by SteelMint. However, India’s rebar exports in Aug’21 stood at 0.20 mn t, witnessing a 32% hike compared to 0.15 mn t in Jul’21.
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