Chinese Rebar offers move up marginally in a week’s duration by USD 3/MT and currently are USD 480-485/MT, FoB Main Port.
This week the Chinese Domestic market witness a drop in steel prices due to sluggish demand and good amount of inventories available with stockiest who are now more willing to sell.
The rebar currently in Shanghai market is at RMB 3,670/MT (USD 531); down by RMB 50/MT (USD 8) and following the suit the Bejing rebar is evaluated at RMB 3,680/MT which is fall by RMB 130/MT (USD 19), W-o-W.
The weakening of Billet market is putting an additional pressure on the Rebar Prices. However, buyers are waiting for corrections in the domestic market by maintaining a thin purchase.
Other global markets saw volatility. Few market like Turkey export FoB main port and UAE import CFR Jebel Ali offers are USD 445-450/MT saw a hike of USD 15/MT and USD 10/MT respectively. CIS export FoB Black Sea fall by USD 5/MT and currently at USD 420-430/MT.
Indian Rebar Offers:
Indian domestic rebar market has seen price rise to a all time high in line with good demand and increase in billet prices in the market. In a Week duration the prices are increase up to INR 1,100/MT (USD 15) and stood at INR 31,500-31,800/MT (USD 470-475) ex-works, Mumbai (Western India).
Global Rebar Prices as on 10 Mar’17 (Week 11)
| Country-wise | Offers in USD/MT | M-o-M |
| China export FoB main port | 480-485 | +3 |
| CIS export FoB Black Sea | 420-430 | -5 |
| Turkey export FoB main port | 445-450 | +15 |
| UAE import CFR Jebel Ali | 445-450 | +10 |
| India (ex-works Mumbai) | 470-475 | +15 |
USD 1 = INR 66.8, 1 USD= RMB 6.91
Source: SteelMint Research
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