Rebar export offers from Turkey and China fell by USD 10/MT and USD 3/MT respectively. Meanwhile, import offers from UAE fell by USD 17/MT in a week.
In global rebar market, Turkey export offers have fallen by USD 28/MT in last two weeks and USD 10/MT in a week in-line with fall in scrap prices. Current export offers are assessed at USD 317/MT, FoB main port.
Meanwhile, UAE imported rebar offers have fallen by USD 17/MT W-o-W. Offers have been falling since last 2 months and currently stood at USD 324/MT, CFR JebeI Ali.
Chinese rebar export offers, which had been stable at USD 272/MT levels since 1st three week of this month, has now fallen slightly by USD 2/MT and stood at USD 270/MT.
Appreciation in INR against USD
In today’s morning trade, INR has appreciated by 33-35 paise to 64.78 per USD. While in the last trading session on Wednesday, it was closed at 65.12 per USD levels.
Global rebar offers as on 23 Oct’15
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 270 | – 3 |
| CIS export FoB Black Sea | 310 | 0 |
| Turkey export FoB main port | 317 | – 10 |
| UAE import CFR Jebel Ali | 324 | – 14 |
| India (ex-works Mumbai) | 401 | – 4 |
USD 1 = INR 64.78
Source: SteelMint Research
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