Chinese rebar export offers rise in-line with increase in domestic prices.
Export rebar offers in China have gained slightly in last one week amid supportive domestic market. Offers have increased by USD 10/MT W-o-W to around USD 355/MT, FoB main port.
In the starting of current month, export offers had surged to USD 415/MT; the highest level, which was last seen in Nov’14.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing rose by RMB 80/MT (USD 12) within a week and stood at around RMB 2,270/MT (USD 346). The same grade material in Shanghai stood at around RMB 2,250/MT (USD 345); offers unchanged in the same duration.
On the contrary, Turkey’s export offers, and UAE imported offers have down by USD 22/MT and USD 44/MT respectively in the duration. While, CIS export offers remained stable throughout the week.
Global rebar offers in week 20 (16 -22 May’16)
|
Country-wise |
Offers in USD/MT |
M-o-M |
| China export FoB main port | 355 | +10 |
| CIS export FoB Black Sea | 483 | 0 |
| Turkey export FoB main port | 465 | -22 |
| UAE import CFR Jebel Ali | 472 | -43 |
| India (ex-works Mumbai) | 400-405 | +5 |
USD 1 = INR 67.46, USD 1= RMB 6.5510
Source: SteelMint Research
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