Global Long Steel Export Offers Tumble on Weak Demand in Week 16

Global rebar export offers plunge in China, Russia and Dubai while Turkeys’ offer inched up, W-o-W.

China Exports and Spot Market:

Chinese Rebar offers registered a fall of USD 5/MT with the offers around USD 435-445/MT, FoB Main Port.

Following the decline in export offers, chinese spot market also shrinked. In Eastern China, Shanghai the offer prices for HRB 400 grade (25 mm) are evaluated at RMB 3,350/MT (USD 487 ) down by RMB 180/MT (USD 26 ). For same grade of material the offers assessed in Northern China, Bejing are at 3,260/MT (USD 474) which are down by RMB 190/MT (USD 27 ), in a week’s duration.

Offers from distributors generally moved down, while those of resources from large-sized mills remained firm. This week the Chinese Finish long market declined by large amount. Even though the silent buyers, the mills are not halting their production resulting in the ample of inventories with the manufacturers.

Turkey Export and domestic Market:

Turkish rebar export offers inches up amid the sluggish demand the offers are up by USD 12/MT and stood at USD 420-430/MT, anticipating the offer to down tick in coming times.

Turkish Spot market has seen a hike in prices and current offers are gauged at USD 435-445/MT FOB. The demand is equally firm as in the week past citing construction projects in the country. It is also stated that, there is a referendum to be held in Turkey on 16th April which will clear the scenario further.

Other Global Markets like CIS Exports and UAE Imports offers registered a fall by USD 10/MT and USD 5/MT, respectively in a week’s duration. The offers for CIS exports are assessed at USD 410-420/MT and UAE Imports at 435-440/MT.

Global Rebar Offers as on 14 Apr’17 (Week 16)

USD 1 = INR 64.30, 1 USD= RMB 6.87
Source: SteelMint Research