China’s rebar export offers marginally fall in a week’s time. However, domestic offers remain firm in the same week.
Chinese rebar export offers have slightly fallen by around USD 5/MT W-o-W and stand at USD 305/MT, FoB Main Port. In line with this, prices remained firm in the domestic market within same duration.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing inchs up by RMB 70/MT (USD 11) within a week and stood at around RMB 2,160/MT (USD 330). The same grade material in Shanghai was witnessed at around RMB 2,090/MT (USD 319); up by RMB 80/MT (USD 12) in the same duration.
Similarly, in other global markets like Turkey and UAE, imported offers fall by USD 40/MT and USD 35/MT W-o-W respectively. In the same time, CIS exports offers remain unchanged.
China is concerned about the trade measures taken across globe especially from India against Chinese steel products to restrict the flow of cheaper steel entering into their own respective country. Recently, on 2 June’16, DGAA under the arm of Indian government has started anti-dumping investigation on wire rod from China.
Global rebar offers as on 11 June’16
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 305 | -5 |
| CIS export FoB Black Sea | 412 | 0 |
| Turkey export FoB main port | 405 | -40 |
| UAE import CFR Jebel Ali | 412 | -35 |
| India (ex-works Mumbai) | 380-390 | -10 |
USD 1 = INR 66.96, 1 USD=6.5593 RMB
Source: SteelMint Research
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