Rebar offers in international market, including China have moved down by USD 60-105/MT in a month’s time.
Rebar prices in the international market had started dropping starting May’16 after rebar prices follow uptick from the lowest level since early Jan’16.
Chinese rebar export offers have fallen up by around USD 100/MT M-o-M and stand at USD 310/MT, FoB main port. Prices remained slightly volatile during May’16.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing declined by RMB 710/MT (USD 108) within a month and stood at around RMB 2,060/MT (USD 313). The same grade material in Shanghai was witnessed at around RMB 2,000/MT (USD 304); offers down by RMB 740/MT (USD 112) in the a month time.
Similarly, in other global markets like Turkey and CIS, export offers also fall, due to decline in Chinese rebar offers. CIS offers have decrease by USD 70/MT, Turkey by USD 60/MT and UAE imported offers decline by USD 58/MT in the same duration.
Industry leaders believes that steel prices in the international market are less likely to fall further and its looking to be stablize in the near term.
Global rebar offers as on 3 June’16
|
Country-wise |
Offers in USD/MT |
M-o-M |
| China export FoB main port | 310 | -105 |
| CIS export FoB Black Sea | 412 | -70 |
| Turkey export FoB main port | 445 | -60 |
| UAE import CFR Jebel Ali | 445 | -57 |
| India (ex-works Mumbai) | 395-400 | -10 |
USD 1 = INR 66.78, 1 USD=6.5793 RMB
Source: SteelMint Research
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