Rebars export offers from China have increased by USD 10/MT W-o-W. While CIS, Turkey export offers have remained stable in the duration.
Rebar export offers from China have gained by USD 10/MT in a week due to supportive domestic rebar market. Presently, export offers stood at USD 262-267/MT, FoB China main port.
Similarly, domestic rebar prices for HRB 400 grade (25 mm) in Beijing today stood at around RMB 1,750/MT (USD 266/MT); have surged by RMB 15-25/MT in last two week.
Chinese steel exporters are likely to get benefit in coming days as Chinese currency has suddenly weaken by 0.5% to around RMB 6.58 per USD yesterday, which was the lowest level during Jan-Mar’11.
Other market like CIS, Turkey export rebar offers have remained stable during last 1-week. While, UAE imported offers have reduced by USD 5/MT in the same period.
Global rebar offers in week 2 (4-10 Jan’16)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 262-267 | +10 |
| CIS export FoB Black Sea | 287-290 | 0 |
| Turkey export FoB main port | 335-340 | 0 |
| UAE import CFR Jebel Ali | 325-330 | -5 |
| India (ex-works Mumbai) | 405-410 | +20 |
USD 1 = INR 66.64
Source: SteelMint Research
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