Rebar export offers from China have been stable with minor fluctuations since the starting of 2016.
After a continuous downfall seen in 2015, Chinese rebar export offers have been stable since the starting of 2016. Presently, export offers stood at USD 260-265/MT, FoB China main port; rose slightly by USD 2/MT W-o-W.
It seems that Chinese government is now taking some measures like curtailment of steel production in order to resist persistent fall in steel prices during 2015.
In the starting of current week only, Chinese government has officially released figures on domestic steel production. There was a downfall of 2.3% to 803.5 MnT in crude steel production during 2015 against 2014, as per reports in media.
Domestic rebar prices for HRB 400 grade (25 mm) in Beijing have surged by RMB 70/MT (USD 10/MT) in a week’s time and stood at around RMB 1,890/MT (USD 288/MT). Similarly, the same grade material in Shanghai stood at around RMB 1,860/MT (USD 283/MT); up by RMB 20/MT (USD 3/MT).
Global rebar offers in week 4 (18-24 Jan’16)
| Country-wise | Offers in USD/MT | W-o-W |
| China export FoB main port | 260-265 | +2 |
| CIS export FoB Black Sea | 283-287 | -2 |
| Turkey export FoB main port | 320-325 | -12 |
| UAE import CFR Jebel Ali | 330-335 | 0 |
| India (ex-works Mumbai) | 385-390 | -20 |
USD 1 = INR 67.62
Source: SteelMint Research
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