Global Rebar Offers Fall upto USD 17/MT W-O-W

Chinese rebar export offers fall further by USD 17/MT W-o-W owing to low domestic demand

Export offers for Chinese rebar slashed by USD 17/MT W-o-W and current offers stand at around USD 285/MT FOB China port. Offers have fallen by USD 35/MT since the beginning of Aug’15.

Weak domestic market and currency depreciation in China have recently given buyers opportunity to negotiate lower offers, especially from South East Asian countries. The most traded January Rebar futures on SHFE (Shanghai Furture exchange) slumped to 1,839 Yuan/MT, the lowest level since early 2009.

China’s 2014 GDP growth rate

World ‘s second largest economy, China, has revised 2014 economic growth rate down to 7.3% from the previously reported 7.4%, as per a National Bureau of Statistics on Monday. The economic data reflects a situation of concern for the country’s economic conditions.

During the first half of the calendar year, China’s economy grew by 7% in line with government’s target for 2015. But achieving the same target appears difficult for the remaining calendar year, as per a media report.

Global Rebar offer as on 7 Sept’15

Note: 1USD= INR 66.76