Chinese rebar export offers further strengthen amid rise in futures and billet offers. The latest rebar export offers are assessed at USD 450-455/MT, FoB Main Port with a rise of USD 5/MT, W-o-W.
Meanwhile, there are expectations that rebar prices will not experience a sharp drop in China’s domestic market which is also supporting export prices, according to the participants.
Current spot prices are evaluated in East China, Shanghai at RMB 3,600/MT (USD 529); increase by RMB 40/MT (USD 6) and North China, Beijing at RMB 3,560/MT (USD 523); surge by RMB 70/MT (USD 10), W-o-W.
Turkey Spot and Export offers:
Turkish long steel export prices remained stable, with demand still sluggish due to the Ramadan slowdown. The Offers were assessed at USD 430-435/MT, unaltered from last week.
As per the sources of SteelMint, there are speculation in Turkish long steel market that the import duty might cut which may ease the viability of Italian rebars in the country weakens the Turkish domestic market.
Other Global Markets:
Similarly, due to festive, rebar imports demand in UAE remained weak. There is slash in the offers by USD 5/MT with fresh offers at USD 430-440/MT, W-o-W.
Prices for CIS-origin long steel products remained stable despite weak trading activity. The fresh offers are witnessed at USD 410-415/MT; unchanged as compared to last week.
Sources: SteelMint Research
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