Global Rebar export offers continue to surge, supported by rally in Chinese export offers.
In fresh update, the Chinese rebar export offers moved up by USD 10/MT, W-o-W. The offers for HBR 400 & size 16-32mm rebars are evaluated at around USD 490-495/MT FoB China main port.
“Gain in domestic market amid rise in billet futures led to surge Chinese export offers” according to the trade participants.
In the domestic market, the prices rallied around RMB 110-140/MT (USD 16-21) supported by good demand amid gain in billet futures.
Current offers in spot market are assessed at RMB 3,870/MT (USD 576) in East China, Shanghai and RMB 3,830/MT (USD 571) is North China, Beijing.
In line with the rise in Chinese offers and couple with higher billet & scrap offers, other major export markets also rose their offers.
– CIS Rebar export offers gained momentum and rose around USD 15-20/MT, W-o-W; this hike in the offers was supported by the rise in the billet offers amid shortage of the material in the market. Fresh offers are gauged around USD 480-485/MT.
– Turkish rebar export offers continued to increase in line with the rising raw materials costs, also demand showed signs of recovery. Offers raised around USD 20-25/MT in a weeks’ duration with fresh offers are around USD 500-520/MT. Major inquiries were gauged booked by the South East Asian Countries and USA no lesser than USD 510-520/MT.
– UAE Imports rose in line with the rise in Billet offers even though steady demand for imported material, as the buyers are preferring domestically produced material rather than importing from different countries. In a week’s duration the offers shoot up by USD 25/MT to USD 500-510/MT, on CNF Basis.
Source: SteelMint Research
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