Following persistent decline in Chinese domestic steel prices, export rebar offers in China have dipped by USD 70/MT.
After continuous price rally seen since early Feb’16 in Chinese steel prices, now prices in both domestic and exports market have dipped sharply in the last one week.
Chinese rebar export offers have fallen by around USD 70/MT W-o-W to around USD 345/MT, FoB main port.
Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing down by RMB 350/MT (USD 54/MT) within a week and stood at around RMB 2,350/MT (USD 360/MT). The same grade material in Shanghai stood at around RMB 2,250/MT (USD 345/MT); offers down by RMB 440/MT (USD 67/MT).
Other global markets like Turkey followed suit. On the contrary, UAE imported offers have gained by USD 12/MT in the duration. While, CIS export offers remained stable throughout the week.
Global rebar offers in week 19 (9 -15 May’16)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 345 | -70 |
| CIS export FoB Black Sea | 483 | 0 |
| Turkey export FoB main port | 487 | -18 |
| UAE import CFR Jebel Ali | 515 | +12 |
| India (ex-works Mumbai) | 395-400 | -5 |
USD 1 = INR 66.95, USD 1= RMB 6.5246
Source: SteelMint Research
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