Chinese Rebar export offers registered a hike of USD 25/MT in Week 10. Currently the offers are in the range of USD 475-485/MT FoB main port.
Though buyers appear to have little interest in booking, China’s export prices for long steel have continued to rise in the past week. According to the sources, the export offers are continuously on increasing mode as the domestic rebar offers are quite high. This is the reason the mills are refusing to take the export offers in the lower amount.
Meanwhile, domestic/ spot prices for same grade have also gain by RMB 150/MT (USD 22) to RMB 3,800/MT (USD 552) in Beijing. In Shanghai the offer is at RMB 3,720/MT (USD 540); which is higher by RMB 170/MT (USD 25) W-o-W.
Other export offers like CIS export, Turkey and CNF Dubai were unchanged and stood at USD 425-435/MT, USD 430-435/MT and USD 435-440/MT in a week’s duration, respectively.
Global Rebar Prices as on 4th March
|
Country-wise |
Offers in USD/MT |
M-o-M |
| China export FoB main port | 450-460 | +25 |
| CIS export FoB Black Sea | 425-435 | 0 |
| Turkey export FoB main port | 430-435 | 0 |
| UAE import CFR Jebel Ali | 435-440 | 0 |
USD 1 = INR 66.8, 1 USD= RMB 6.88/MT
Source: SteelMint Research
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