Recent sudden decline in imported scrap offers in Turkey by USD 15-18/MT may impact rebar offers too in the same region.
Global major rebar markets like China, CIS, Turkey have seen no major movement in the last one week, except UAE. Currently, rebar export offers for China stand at USD 285/MT, CIS at USD 370/MT, Turkey at USD 377.5/MT, but in UAE import offers fell W-o-W by USD 10/MT CFR to USD 372.5/MT.
According to sources, currently, Chinese rebar export offers are at their lowest level since 2007. Only a few trades happened post holidays. China held a parade for the 70th anniversary of the end of World War 2 and curbed productions from many steel mills around the capital.
Rebar offers for export material in Turkey increased marginally by USD 1/MT W-o-W. However, due to recent decline in imported scrap offers by USD 15-18/MT in last two days, fall in rebar offers too may be seen in the coming weeks.
Global Rebar Offers as on 11 Sept’15
|
Country-Wise |
USD/MT |
W-o-W Change |
| China export main port FOB | 285 | 0 |
| CIS export FOB Black Sea | 370 | 0 |
| Mumbai 12mm basic price (E.D& other taxes extra) | 428 | + 2 |
| Turkey Export FOB main port | 377.5 | + 1 |
| UAE import CFR Jebel Ali | 372.5 | – 10 |
Note: 1USD= INR 66.52
Source: SteelMint Research
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