Weak global domestic demand and quiet international market pull down offers further.
Global rebar offers have again fallen by USD 10-15/MT W-o-W. Chinese rebar export offers fell by USD 10/MT W-o-W due to slow demand from overseas owing during the ongoing Chinese national holiday from Oct 1-7.
At present, Chinese 16-32 mm rebar offers are at USD 270-275/MT FOB main port for Oct/Nov’15 shipments. This week the most traded steel rebar contract on the Shanghai Future Exchange slipped by 70/MT RMB (USD 11/MT) and ended at 1,821/MT RMB (USD 287/MT).
Other major fall was seen in UAE rebar market by USD 17-18/MT W-o-W and currently imported offers CFR Jebel Ali are at USD 350/MT. Turkey export offers are at USD 345/MT, which have fallen by around USD 10/MT in the same period.
Rebar export offers from CIS countries stood at USD 330/MT, fell slightly by USD 2.5/MT W-o-W
INR strong against US dollar
INR has strengthened by 65-70 paise against USD in the last four trading days. Currently, INR stands at 65.50 which was around 66.17 last week, indicating benefit for steel importers.
Global Rebar Offers as on 2 Oct’15
|
Country-Wise |
USD/MT |
W-o-W Change |
| China export main port FOB | 272.5 | – 10 |
| CIS export FOB Black Sea | 325. | – 2.5 |
| Turkey Export FOB main port | 345 | – 10 |
| UAE import CFR Jebel Ali | 350 | – 17.5 |
| India (Ex-Works Mumbai)* | 409 | – 7 |
Note: 1USD= INR 65.50
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