China: Rebar Export offers Plunge by USD 30/MT in Apr’17

China being the world’s largest producer of steel has rigorously decreased the rebar prices for Apr’17 for both domestic and exports.

Rebar export offers decline about USD 30/MT since start of Apr’17, with current offers prevailing in the range of USD 405-410/MT and was traded in the beginning of the month at USD 430-435/MT.

China spot prices also registered a fall around RMB 190-230/MT (USD 27-33) in Eastern and Northern Region. Current offers in Beijing, Northern Regions are RMB 3,370/MT (USD 489) and in Shanghai, eastern regions are RMB 3,350/MT (USD 486).

This fall in the Chinese market was in line with the billet prices which went 5 months low in mid of Apr’17. Decline in the prices was also due to the sluggish demand as there were thin trading activities for exports.

With the fall in the Chinese export offers, other export offers like CIS Exports and UAE imports CFR Jebel Ali also registered a slight plunge of USD 11/MT and USD 7/MT respectively. Current offers are CIS exports at USD 410-420/MT and UAE Imports at USD 425-430/MT.

Turkish export offers registered a hike in the export prices as well as for domestic market supported by the improved demand on gradually improving weather condition for construction. Current offers are quoted at USD 425-430/MT; up by USD 7/MT, M-o-M.

Outlook for May’17

– Chinese spot market has gradually been better since last week of Apr’17 as the price increase (by USD 17-30/MT) is supported by domestic demand. This is also anticipated for the export offers.

Global Rebar Prices as on 30 Apr’17 

USD 1 = INR 64.47, 1 USD= RMB 6.89/MT
Source: SteelMint Research