Chinese rebar export offers have slightly increased by USD 3-5/MT W-o-W and stood in the range of USD 435-440/MT, FoB main port.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing moved up by RMB 120/MT (USD 18) within a week and stood at RMB 3,020/MT (USD 438). The same grade material in Shanghai is at RMB 3,130/MT (USD 454); offers down by RMB 16/MT (USD 3) in the same duration.
As reported by market, China is intending to eliminate substandard rebar steel till the second quarter of calendar year 2017.
During 2016, Chinese total rebar production was about 200 MnT. Out of this, substandard rebar or construction steel consist of around 20% annually which comes to around 40-45 MnT.
In the similar lines, other global markets like Turkey reported increase in export offers by USD 6/MT, UAE imported rebar offers up by USD 8/MT. While, CIS export offers remain unchanged.
Global rebar offers as on 13 Jan’16
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 435-440 | +3 |
| CIS export FoB Black Sea | 430-435 | 0 |
| Turkey export FoB main port | 440-445 | +6 |
| UAE import CFR Jebel Ali | 445-450 | +8 |
| India (ex-works Mumbai) | 450-460 | 0 |
USD 1 = INR 68.11, USD 1 = RMB 6.89
Source: SteelMint Research
Leave a Reply