The Chinese rebar domestic & export offers find stability after spurt in the offers from more than one and half month period.
The fresh rebar export offers for HBR 400 grade are assessed at USD 480-485/MT, FoB Main Port unaltered against offers during last week.
The offers marked stability owing to weak demand and rising inventories with the stockiest amid low purchase by the end user due to bad weather conditions.
Coming to domestic market the offers are evaluated at RMB 3,760/MT (USD 558) in East China, Shanghai and RMB 3,690/MT (USD 547)is North China, Beijing.
Other Global Markets
CIS Export offers continue to climb and shoot up around USD 10-15/MT in a week’s duration. However, the sudden change meant that market participants became wary, which has led to a slowdown in buying activity. Fresh Offers are gauged around USD 460-475/MT for the current week.
Turkish rebar offers drifted sharply upwards in both domestic and the export market. The rise in offers was due to the rally in the imported scrap and billet offers. Market participants expect that, prices to remain uptrend in coming time. The export offers rose around USD 20/MT W-o-W, with fresh offers at USD 480-490/MT.
Weak demand and falling local billet and rebar prices in UAE affected the imported prices where the offers declined by USD 5/MT with fresh offers at USD 470-475/MT.
Source: SteelMint Research
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