For week 23, Global rebar export offers remained unaltered due to festive season which in turn resulted in thin trade activities and bearish sentiments.
Chinese rebar export offers for the week was assessed at USD 450-455/MT which is similar against last week.
Moving to the domestic market the trades remained quite after a short break of Dragon Boat Festival.
Rebar offers registered a marginally correction of RMB 20/MT (USD 3) compared to last week trade offers. Current prices are evaluated at East China, Shanghai at RMB 3,680/MT (USD 541) and North China, Beijing at RMB 3,620/MT (USD 532).
Turkey Spot and Export offers:
Rebar supply in the domestic market remained tight over strong demand from the construction sector which influenced the traders and manufacturers to hold their offers.
Turkish rebar export prices remained stable as the trades are quiet dull owing to ongoing Ramadan festival.
It seems, if the export deals remain weak, supply for domestic market may ease and will create panic in the local market. Current export offers are gauged at USD 430-440/MT FoB main Port.
CIS exports and UAE imports offers were firm for the week as importers in UAE have ample of stock despite dead demand due to holy Islamic month.
Presently, UAE Imports offers are at USD 435-440/MT and CIS exports at USD 410-415/MT.
Indian Export offers:
According to the SteelMint sources based in Southern Region, Chennai; India has exported rebar to Maldives and Sri Lanka at USD 485-490/MT, FoB Basis.
Although, the quantity remains lesser but this is a positive indication that the exports started to the South East Asian Countries at competitive offers.
Sources: SteelMint Research
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