China’s steel export down by 16.7% in Feb’16 against previous month.
China, one of the largest exporters of steel products across the globe, has sharply surged its rebar export offers in a week’s time. Presently, offers stood in the range of USD 320-325/MT, FoB Main port; have moved up by around USD 35/MT W-o-W.
However, domestic rebar prices for HRB 400 grade (25 mm) in Beijing down by RMB 40/MT (USD 6/MT) within a week and stood at around RMB 2,150/MT (USD 332/MT). Similarly, the same grade material in Shanghai stood at around RMB 2,280/MT (USD 352/MT); offers have slight moved down by RMB 20/MT (USD 3/MT) in the same period.
Chinese steel export has shrink by almost 16.7% in Feb’16 as against Jan’16 and stood at 8.11 MnT. All major steel importing countries have started to take action against China with an aim to stop cheaper imported material.
In other global market, CIS export rebar offers have jumped up by around USD 55/MT W-o-W. Current offers are assessed at around USD 340-345/MT, FoB main port.
Global rebar offers in week 12 (14-20 Mar’16)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 320-325 | +35 |
| CIS export FoB Black Sea | 340-345 | +55 |
| Turkey export FoB main port | 380-385 | -5 |
| UAE import CFR Jebel Ali | 390-395 | +23 |
| India (ex-works Mumbai) | 400-410 | -5 |
USD 1 = INR 66.38 & USD 1 = RMB 6.4628
Source: SteelMint Research
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