Indian rebar export prices continued to head south since mid-Nov’21. SteelMint’s assessment of BF-route rebar (B500B) currently stands at $700/tonne (t) CFR Hong Kong on an actual weight (AW) basis, a drop of around $5/t, w-o-w and $15/t m-o-m.
A major Indian steel mill recently concluded an export deal for 35,000 t of rebar (BF-route, B500B) at $700/t CFR Hong Kong on actual weight (AW) basis, sources informed SteelMint. Indian rebar export prices have fallen by around $5/t compared to the last-concluded deal at the beginning of December.
Indian rebar exports fall for 3rd consecutive month in Nov’21
India recorded a fall in its rebar export shipments for the third straight month in Nov’21. The volumes stood at 15,809 tonnes (t) last month, a significant drop of 64% m-o-m as against 44,372 t in Oct’21, as per customs data collated by SteelMint.
Factors weighing down Indian rebar export prices
- Global rebar export market silent on holidays: Demand for rebar is stable in the key importing nations like Hong Kong and Singapore at the very end of December, as the business activity is slow amidst the New Year holidays.
- Active offers from other nations: Vietnam’s BF-route rebar export offers currently stand at $675/t FOB, stable, w-o-w. Also, Turkish rebar export prices fell to $703/t FOB this week from $715/t on FOB levels in mid-December. Turkey’s rebar exports stood at 0.76 mn t in Oct’21, a 13% m-o-m fall as against 0.87 mn t in Sept’21, as per customs data collated by SteelMint.
- Volatility in SHFE rebar futures: Volatility in SHFE rebar futures throughout the week have weighed down rebar export prices. According to data maintained with SteelMint, the Chinese SHFE rebar futures contract for May’22 delivery closed today, 31 Dec’21 at RMB 4,315/t ($680/t), witnessing a sharp fall of RMB 204/t ($32/t), w-o-w.
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