Chinese rebar export offers reported a slight fall approximately by USD 5/MT. Current offers for HRB 400 (25mm) rebar are assessed at USD 430-435/MT FoB main port which was at USD 435-440 during the last week. Prior to this there was no major change on perusing new year holidays in the country.
Meanwhile, domestic/ spot prices for same grade have moved up by RMB 70/MT (USD 10) to RMB 3,230/MT (USD 469) in Beijing. While in Shanghai the offer is at RMB 3,330/MT (USD 484); which is higher by RMB 50/MT (USD 7) W-o-W.
The rebar export prices by Turkey have gained momentum following the rise in global scrap prices. The fresh offer by Turkey is assessed at USD 400-410/MT FoB, increased by USD 10/MT W-o-W.
Moreover, CIS rebar export offers are reported unaltered at USD 400-405/MT FoB Black Sea. While, UAE import offers have plunged by USD 3-5/MT to USD 400-410/MT. Also, in India there is a fall of USD 7/MT and stood at USD 435-440/MT
Global rebar offers as on 10 Feb’17
| Country-wise | Offers in USD/MT | W-o-W |
| China export FoB main port | 430-435 | -5 |
| CIS export FoB Black Sea | 400-405 | 0 |
| Turkey export FoB main port | 400-410 | +10 |
| UAE import CFR Jebel Ali | 400-410 | -3 |
| India (ex-works Mumbai) | 435-440 | -7 |
USD 1 = INR 66.80, USD 1 = RMB 6.88
Source: SteelMint Research
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