Global Rebar export offer remained highly volatile in week 20, with stability in the Chinese export offers while there was sharp hike in the Turkey export offers.
Chinese rebar export prices flat amid weak demand; offers were in the range of USD 420-425/MT, FoB Main Port.
Domestic prices and realization are still much higher than export offers, so Chinese exporters are showing little interest in exporting the material.
One of the biggies in China, Shagang group has rolled over the finish long prices for mid-May deliveries. The current offers by company for HRB400 rebar and HPB300 wire rod are around RMB 3,450/MT (USD 500) and RMB 3,410/MT (USD 494) respectively. Prices are Ex-works including VAT.
Turkey Export and Spot Market:
Turkish long steel export prices have surged strongly amid tight domestic supply and higher imported scrap prices. Rebar Export offers increased sharply by USD 30/MT and stood at USD 450-460/MT FoB.
The demand in domestic market for rebar is quite strong as construction activities have grown after the referendum held in the country, which influenced the mills to increase the prices for both domestic and export market.
Other Global Markets
– CIS long steel exporters increased rebar prices this week, supported by recent positive movements in the billet market. Current offers for rebar are evaluated at USD 415-425/MT;
up by USD 7/MT.
– UAE import offers improved marginally around USD 3/MT; with current offers at USD 430-
435/MT.
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