Global export offers’ including rebars are growing progressively amid rise in billet and scrap offers across the globe.
In a week’s duration Chinese rebar export offers have moved up sharply by USD 57/MT amid sharp gain in the domestic market and futures. The fresh offers are gauged for HRB400 grade rebars in the range of USD 545-555/MT FoB main port.
Domestic market is dealing with the shortage of material as government is become stricter on elimination of substandard steel. The rise in rebar offers is also supported by the growth in the infrastructure works which grew by 20% since start of CY 2017.
Shagang Steel Raise their Long Steel Prices for Spot Market:
Eastern China Major Steel Maker – Shagang group raise their long steel prices by RMB 250/MT (USD 37). The hike by this major steel maker is widely influenced by the sharp hike in spot market.
The fresh offers by the company is gauged around HRB400 rebar at RMB 4,250/MT (USD 636) and HPB300 wire rod at RMB 4,140/MT (USD 619).
Other Global Market:
– Turkish rebar export prices have continued to rise because of strengthening scrap and billet prices, which have also led demand to recover slightly over the past week trade analysis. The Turkish rebar has gained importance majorly in the South East Asian Countries which is sign of recovery in demand. The latest offers are evaluated around USD 515-520/MT; up by USD 8/MT in a week’s duration.
– UAE import offers remained quiet as demand for imported rebars was stagnant for the week. But rising other markets influenced the importers to increase their offers upwards. The offers surged by USD 8/MT to USD 510-515/MT.
– CIS Rebar export offers also supported by less allocation of material to export market as the producers are principally fulfilling the demand in the domestic market. The Offers moved by USD 12/MT W-o-W, with fresh offers gauged around USD 490-500/MT.
Source: SteelMint Research
Leave a Reply