Rebar export offers by major export countries continuous to be volatile. During the week 13, Chinese export offers surge marginally while, Turkish export offers fell steeply .
The fresh offers by China assessed at USD 455-460/MT, FoB Main Port with a marginal increase of USD 3/MT W-o-W.
Amid tumbling scrap prices and weak demand Turkish Rebar Export offers fell sharply by USD 20/MT and stood at USD 425-430/MT for Week 13.
Hence, CIS exports registered a spike of USD 8/MT and stood at USD 435-445/MT. However, UAE imports offers were stable for this week at USD 445-450/MT.
Chinese domestic market
The Chinese spot rebar prices marked decline in prices, Shanghai by RMB 100/MT (USD 14) & Beijing by RMB USD RMB 130/MT (USD 19) W-o-W. Presently, the offer price for HRB 400 grade (25 mm) are evaluated at RMB 3,630/MT(USD 527) in Shanghai & RMB 3,670/MT (USD 533) in Beijing.
As per the market participants there can be further correction in Chinese Domestic rebar prices as the demand from end users is weak and prices of domestic rebar prices is higher than Chinese HRC prices (RMB 3,440-3460/MT) even thought the production cost is higher for HRC than rebar.
Global Rebar Prices as on 24 Mar’17 (Week 13)
|
Country-wise |
Offers in USD/MT |
M-o-M |
| China export FoB main port | 455-460 | +3 |
| CIS export FoB Black Sea | 435-445 | +8 |
| Turkey export FoB main port | 425-430 | -20 |
| UAE import CFR Jebel Ali | 445-450 | 0 |
| India (ex-works Mumbai) | 480-485 | +10 |
USD 1 = INR 65.4, 1 USD= RMB 6.88
Source: SteelMint Research
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