Chinese rebar export offers gain momentum over past week amid gain in the domestic prices.
Export offers for Chinese rebar were gauged at USD 420-425/MT which is approximately up by USD 10/MT compared to last week trade log, FoB Main Port.
In line with the export offers, domestic market is progressively increasing from the past week.
Presently, the domestic rebar offers are gauged at RMB 3,350/MT (USD 486) Eastern Region, Shanghai and RMB 3,400/MT (USD 494) in Northern Region, Beijing. These offers are increase by USD 9/MT and USD 5/MT, respectively for the regions.
Turkish Export and Spot market:
Turkish export offers were firm over past week even though the demand was sluggish. However, prices were expected to rise despite the weak demand as the prices for scrap and domestic long steel increase in a week’s duration.
Current Turkey rebar Export offers are assessed at USD 420-430/MT.
As there were strong sentiments and stable demand in the local market turkey spot market registered an increase in prices for rebar. Current offers are assessed at USD 450-460/MT, which are USD 10-15/MT above the than the last week trade prices, as per the sources to SteelMint.
Other Global Market
– CIS export offers are stable over the past week around USD 410-420/MT CIS exporters are not in any hurry to cut the prices as the Chinese market is gradually improving.
– UAE Dubai Imports registered a sharp surge in prices by USD 5/MT; current offers are evaluated around USD 430-435/MT
Global Rebar Export Offers as on Week 19 (05 May’17)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port |
420-425 |
+10 |
| CIS export FoB Black Sea |
410-420 |
0 |
| Turkey export FoB main port |
420-430 |
0 |
| UAE import CFR Jebel Ali |
430-435 |
+5 |
USD 1 = INR 64.27, 1 USD= RMB 6.89/MT
Source: SteelMint Research
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