Chinese rebar export offers registers significant price hike in week 28 (3rd-8th Jul’17) despite the bearishness persisting in the export market.
The offers sharply increase by USD 25/MT to USD 470-480/MT against last week USD 445-455/MT, FoB Main port.
The Chinese steel mills increased their offers following the domestic gain. It seems these high offers will take longer duration to be accepted in the global market.
Most of the exporters are not paying much attention to the exports as they are getting higher realization in the domestic market.
In spot market the offers surge around 30-40 Yuan (USD 4-6) with current offers witnessed – East China, Shanghai at 3,600 Yuan (USD 529) and 3,660 Yuan (USD 538) in North China, Beijing as on 06th Jul’17.
Even though the Chinese millers increase their rebar export prices; CIS exporters reduced their offers USD 10/MT, with current offers gauged around USD 420-435/MT.
Turkish rebars export prices have increased sharply as the country enjoys strong domestic demand. The offers surge by USD 27/MT with current offers assessed around USD 455-465/MT.
However, UAE import registered a sharp reduction in the offers as the market participants are in wait and watch mode for the domestic producers to open the offers further. The offers decline by USD 7/MT to USD 430-440/MT, CFR Jebel Ali.
Sources:SteelMint Research
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