Chinese Rebar Export Offers Up by USD 70/MT M-o-M

Rebar offers in international market, including China have moved up by USD 70-118/MT in a month’s time.

Rebar offers in global market have moved up sharply in one month. Chinese rebar export offers have jumped up by around USD 70/MT M-o-M to around USD 415/MT, FoB main port,

Similarly, other global markets like Turkey and CIS reported rise in export offers, following increase in Chinese rebar offers. CIS offers have jumped up by USD 118/MT, Turkey by USD 72/MT, UAE by USD 70/MT in the duration.

However, after a continuous rally, a minor corrections are seen in both China’s domestic and export offers during last one week.

Chinese rebar export offers down slightly by USD 5/MT W-o-W.

Market participants are expecting that Chinese steel prices are likely to be under pressure in near future as demand weakens in the domestic market.

Global rebar offers as on 7 May’16

USD 1 = INR 66.59
Source: SteelMint Research