Chinese steel prices continue to fall over the last three weeks.
Chinese rebar offers in the international market have decreased by USD 15-20/MT M-o-M and stood at USD 430-435/MT, FoB main port.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing moved down by RMB 150/MT (USD 22) within a month and stood at RMB 2,900/MT (USD 422). The same grade material in Shanghai is at RMB 3,120/MT (USD 454); offers down by RMB 160/MT (USD 24) in the same duration.
However, other global markets like Turkey reported increase in export offers by USD 2/MT. While, CIS export offers have increased by USD 14/MT, UAE imported offers had a marginal fall by USD 1/MT in the duration.
India’s rebar prices have seen sharp increase by USD 40-50/MT in the last one month. Currently, 12 mm rebar prices are hovering in the range of USD 450-446/MT (ex-Mumbai, excise duty & other taxes extra).
Global rebar offers as on 6 Jan’16
| Country-wise | Offers in USD/MT | M-o-M |
| China export FoB main port | 430-435 | -15 |
| CIS export FoB Black Sea | 430-435 | +14 |
| Turkey export FoB main port | 435-440 | +2 |
| UAE import CFR Jebel Ali | 440-445 | -1 |
| India (ex-works Mumbai) | 450-460 | +40-50 |
USD 1 = INR 67.98, USD 1 = RMB 6.86
Source: SteelMint Research
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