Global Rebar Export Offers remained Stable, W-o-W

Chinese and Dubai exports prices remained stable. While, marginal volatility was observed in Turkey and Russia export prices during week 15.

Chinese Export offers continued to be stable in the week with the offers around USD 440-450/MT amid bearish sentiments.

Although, Chinese spot prices have declined sharply. Presently, the offer prices for HRB 400 grade (25 mm) are evaluated RMB 70-110/MT (USD 10-16) below than the previous week. Today, for Beijing and Shanghai the offers are RMB 3,520/MT(USD 510) and RMB 3,530/MT (USD 512), respectively.

Chinese Rebar market continues to soften due to thin trading activity. Demand is currently slowing down and output of long products, including rebar, is rising. Chinese traders’ stockpiles of long steels continue to drop in the recent weeks. The inventory fell 4.5% last week to 6.73 MnT.

Turkey Rebar Market:

According to the sources the rebar demand in local market of Turkey is increasing which is triggered the prices to increase for the domestic trade as the season is improving favoring the construction activities.

With the export offers have slipped in line with weak demand, the Turkish steel mills were offering rebar for exports at USD 410-415/MT, which are USD 5/MT less than previous week.

Other Global Market:

The export offers of other countries almost remained stable the CIS export offers were around USD 420-430/MT with marginally up and same for UAE imports which were around USD 430-440/MT which are consecutively same as last week trade log. The reason of stability was the lean demand and highly changing raw material and scrap prices.

Global Rebar Prices as on 7 Apr’17 (Week 15)

USD 1 = INR 64.30, 1 USD= RMB 6.89/MT
Source: SteelMint Research