UAE imported rebar offers have risen by USD 5/MT. While, Turkey export offers remained stable in a week.
China’s rebar export offers have fallen slightly by USD 3/MT W-o-W. Shrinking domestic demand in China has forced steel mills to cut rebar offers continuously.
Since starting of the current year, export rebar offers have been falling sharply by 33%. Offers were assessed at USD 400/MT in the 1st week of Jan’15, which currently stood at around USD 267/MT.
The most traded Jan rebar contract on the Shanghai Futures exchange has fallen by 0.6% today as compared to previous day and it is closed at RMB 1,782/MT (USD 280/MT).
Meanwhile, Turkey export rebar offers remained stable as imported scrap offers have shown improvement in the same period by USD 5-10/MT. Whereas, UAE imported rebar offers increased by USD 5/MT.
Global rebar offers as on 30 Oct’15
| Country-wise | Offers in USD/MT | W-o-W |
| China export main port FoB | 267 | – 3 |
| CIS export FoB Black Sea | 305 | – 5 |
| Turkey Export FoB main port | 317 | 0 |
| UAE import CFR Jebel Ali | 329 | + 5 |
| India (ex-works Mumbai) | 392 | – 8 |
USD 1 = INR 65.29
Source: SteelMint Research
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