The Indian rebar export market has remained subdued for yet another week as key importing nations have held back from placing fresh inquiries.
Indian mills had lowered rebar export offers, w-o-w, by $15/t, as per SteelMint reports. The offers for the BF route rebar (10-40mm, B500B) were heard at around $715/t CFR Hong Kong on actual weight (AW) basis last week. However, no rebar export booking has been reported of late due to bid-offer disparities, SteelMint learned from sources.
Not many Indian mills are active in exports currently. As they had booked for October shipments, the mills are not under much pressure for export sales, SteelMint understands.
Importantly, Singapore and Hong Kong, which are among the key importers of rebar from India, already have deliveries of their previous bookings lined up. As a result, buying inquiries from these countries have remained subdued.
On the other hand, South East Asian countries seem to be silent as buyers’ interest has been affected owing to extended lockdown restrictions amidst soaring Covid cases and prevailing holidays.
India recorded a whopping 200% y-o-y rise in its rebar export volumes in Jan-Jul’21. The volumes stood at 1.14 mn t in Jan-Jul’21 as against 0.38 mn t in Jan-Jul’20, as per customs data compiled by SteelMint. India’s rebar exports in Jul’21 stood at 0.23 mn t, witnessing a sharp increase of 155% when compared to 0.09 mn t in the corresponding period last year (CPLY).
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