Rebar export offers in Russia and Turkey fall by USD 22-33/MT, Chinese offers unchanged at USD 285/MT W-o-W.
Global markets like CIS countries have dropped export rebar offers by USD 33/MT followed by Turkey at INR 22/MT and UAE imported rebar offers also decreases by USD 5/MT W-O-W. However, Chinese rebar export offers were almost unchanged for the consecutive second week.
Major reason behind the fall in rebar export offers in Turkey is sharp decline in scrap prices by USD 15-20/MT last week. Meanwhile, UAE import offers have also fallen by USD 5/MT W-o-W.
It seems trade activity is likely to be slow in Turkey and UAE owing to upcoming holiday Eid Al Adha later this month.
China’s steel output rises in Aug’15
According to data released by government China’s crude steel output rose by 1.7% to 66.94 MT in Aug’15 compared to July’15. However, it has fallen by 3.5% as compared to last year of the same month.
Global rebar offers as on 18 Sept’15
|
Country-Wise |
USD/MT |
W-o-W Change |
| China export main port FOB | 285 | 0 |
| CIS export FOB Black Sea | 337.5 | – 33 |
| Turkey Export FOB main port | 355 | – 22.5 |
| UAE import CFR Jebel Ali | 367.5 | – 5 |
| India (Ex-Works Mumbai)* | 427 | + 1 |
Note: 1 USD= INR 66.84, *ED and Taxes extra as applicable
Source: SteelMint Research
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