Chinese rebar market opens with positive sentiments after a week long National holidays.
Chinese rebar export offers are currently hovering in the range of USD 345-350/MT, FoB Main Port; up by USD 10/MT W-o-W after a week long national holiday.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing have also increased by RMB 10/MT (USD 2) within a week and stood at around RMB 2,400/MT (USD 357).
Similarly, the same grade material in Shanghai stood at around RMB 2,350/MT (USD 350); up by RMB 70/MT (USD 10) in the duration.
Other global markets like Turkey and CIS reported increase in export offers, following surge in Chinese rebar offers. CIS offers have rise by USD 15/MT, Turkey by USD 13/MT, UAE imported offers by up USD 10/MT in the duration.
Global Rebar Offers in Week 42
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 345-350 | +10 |
| CIS export FoB Black Sea | 350-355 | +15 |
| Turkey export FoB main port | 375-380 | +13 |
| UAE import CFR Jebel Ali | 365-370 | +10 |
| India (ex-works Mumbai) | 405-415 | -5 |
USD 1 = INR 66.73, USD 1 = RMB 6.71
Source: SteelMint Research
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