The Chinese rebar export offers remain upsurge by USD 10/MT in a week’s duration with fresh offers around USD 560-570/MT, FoB China main port.
Moving to domestic market, the spot offers are hovering in the range of RMB 3,980-4,130/MT (USD 597-619) which is still on the higher end as compared to the export offers. Higher offers are due to the continuous rise in futures market, active trading in billet and rising production cost like the electrode offers moving up sharply.
Other Global Offers:
CIS rebar export offers continued to increase over the past week supported by positive dynamics in the global rebar and semi-finished steel markets. Tight availability of the material also played a key role for the marginal increase in offers. The offers are marked around USD 540-550/MT, FoB Black Sea.
Turkish Rebar offers edge up further owing to strong demand in the local market supported by the rising billet and scrap offers. The offers are up by USD 10/MT to USD 530-540/MT for the week.
South East Asian Imported resists to the raised offers and continues to hold their offers firm around USD 520-525/MT owing to bearish sentiment.
Source: SteelMint Research
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