China has surpassed 100 MnT of steel export during Jan-Nov’15, as per official data released by the Chinese government.
Presently, rebar export offers in China stand at USD 255/MT; have fallen slightly by USD 2/MT W-o-W.
Chinese government on 9 Dec’15 announced to cut export tariff on steel billet to 20% from present 25%, effectively starting from the next year. However, there is no such announcement on finished steel yet.
This may provide additional support to Chinese steel mills to be more competitive with overseas suppliers. As per a media reports, Chinese export of steel products alloyed with just 0.3% of chromium can get a 9-13% tax rebate as part of Beijing’s efforts to promote higher value steel.
Global rebar offers in week 50 (7-13 Dec’15)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 255 | -2 |
| CIS export FoB Black Sea | 290 | -2 |
| Turkey export FoB main port | 335 | 0 |
| UAE import CFR Jebel Ali | 342 | +1 |
| India (ex-works Mumbai) | 383 | +12 |
USD 1 = INR 66.96
Source: SteelMint Research
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