After continuous rally in Chinese rebar export offers, there was slight correction by USD 5/MT and the fresh offers are around USD 445-455/MT, FoB China.
Although, spot prices in China moved up in the pursuing week which was continuously declining on down trend due to rainy season which slowdown constructions activities in last couple of week.
The offers are surge around 90 Yuan (USD 13) with current offers witnessed – East China, Shanghai at 3,570 Yuan (USD 527) and 3,620 Yuan (USD 534) in North China, Beijing as on 30th Jun’17.
CIS export offers registered sharp increase by USD 25/MT (W-o-W) to USD 435-440/MT, FoB Black Sea. The move was spurred by the rise in Chinese export prices in last few weeks, as per sources.
For the week, Turkey’s domestic offers remained on upside over improved demand in construction segment. But the export offers unaltered as there was no major deals at the offer prices of USD 430-440/MT.
UAE import offers remained unaltered even though the Ramada festival ended this week. The fresh offers are at around USD 440-443/MT for the week.
Sources: SteelMint Research
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