China: Rebar Export Offers Declined by USD 12/MT, Surge in Spot Market

The Chinese rebar export offers declined because of low buying interest. The buyers are not much positive with the hike in the domestic prices.

China’s rebar export offers fell by USD 12/MT W-o-W, to USD 410-415/MT FOB main port.

Despite the plunge in the export offers, the spot rebar offers gained momentum supported by the active trading and the sharp rise in billet prices.

Presently, the rebar offers are gauged at RMB 3,300/MT (USD 478) Eastern Region, Shanghai and RMB 3,370/MT (USD 489) in Northern Region, Beijing. These offers are increase by USD 11/MT and USD 30/MT, respectively for the regions.

Turkish Export and Spot offers:

Demand in the domestic market is slightly better than last week, which led the mills to increase their offers. The offers in spot market have gained slightly by USD 3-4/MT and evaluated at USD 440-450/MT.

For export offers, the mills are trying to raise their offers to reflect the firm scrap costs, but demand is still sluggish and there is no major trade activity for overseas markets. Turkish’s export offers are evaluated at 420-430/MT, with a marginal hike of USD 2/MT.

For the week, UAE import offers remained firm as the market is quite dull with the offers continuing at USD 425-430/MT, CFR Jebel Ali.

CIS mills might not cut the prices due to reduced availability of the material in the region amid bearish sentiments prevailing in the market. Current offers are evaluated at USD 410-420/MT which is similar then the previous week.

Global Rebar Export Offers as on 28 Apr’17 (Week 18)

USD 1 = INR 64.27, 1 USD= RMB 6.89/MT
Source: SteelMint Research