Chinese rebar export offers are continuously dragged down by weakening Chinese domestic market.
The Rebar export offers for the current week (Week 14) assessed at USD 440-450/MT which USD 13/MT down compared to previous week
Following the down ward movement for the export offers, Chinese spot prices also moved down. Presently, the offer price for HRB 400 grade (25 mm) are evaluated RMB 30-40/MT (USD 4-6) below than the previous week. Today, in Bejing and Shanghai the offers are RMB 3,630/MT (USD 526) and RMB 3,600/MT (USD 522), respectively.
Chinese Spot market remained sluggish and continue slacken, mainly influenced by the decline in Billet prices and bearish future market. Also, Competition with the other countries is the putting pressure on the export offers as they are not able to attract the overseas buyers. As per analysis the prices might rebound post steep fall since couple of weeks.
Inline with the Chinese Export offers other export offers registered a fall up to USD 16/MT. Turkey export offers are around USD 415-420/MT, down by USD 10/MT. CIS export offers fall by USD 16/MT and assessed at USD 420-425/MT. Similarly, UAE import offers down by USD 13/MT and stood at USD 430-440/MT
Global Rebar Prices as on 31 Mar’17 (Week 14)
|
Country-wise |
Offers in USD/MT |
M-o-M |
| China export FoB main port | 440-450 | -13 |
| CIS export FoB Black Sea | 420-425 | -16 |
| Turkey export FoB main port | 415-420 | -10 |
| UAE import CFR Jebel Ali | 430-440 | -13 |
USD 1 = INR 66.8, USD 1 = RMB 6.89
Source: SteelMint Research
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