Market participants across the globe stated that rebar prices have strengthened as there is recovery in raw material like Scrap and Billet market.
China’s rebar offers in both domestic and export markets have moved up sharply in a week’s duration, in the range of USD 15-18/MT and presently it is hovering at around USD 445-450/MT, FoB Main Port.
Meanwhile, domestic/ spot prices for same grade have moved up by RMB 210/MT (USD 30) to RMB 3,440/MT (USD 503) in Beijing. In Shanghai the offer is at RMB 3,470/MT (USD 507); which is higher by RMB 140/MT (USD 20) W-o-W.
Following the suit the other export offer have also gained the momentum and raised their prices. Turkey is assessed at USD 415-425/MT FoB, increased by USD 15/MT W-o-W. And, CIS rebar export and UAE import offers are up and stood at USD 410-420/MT and USD 405-410/MT, respectively.
Global rebar offers 17th Feb (week 08)
| Country-wise | Offers in USD/MT | M-o-M |
| China export FoB main port | 445-450 | +15 |
| CIS export FoB Black Sea | 410-420 | +15 |
| Turkey export FoB main port | 415-425 | +13 |
| UAE import CFR Jebel Ali | 405-410 | +3 |
| India (ex-works Mumbai) | 440-445 | +12 |
USD 1 = INR 67.00, USD 1 = RMB 6.84
Source: SteelMint Research
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