Chinese rebar export offers remain steady at USD 265-270/MT following Lunar New Year holiday.
Chinese spot/domestic and future rebar prices have surged following Lunar New Year holiday last week. The most-active May rebar on the Shanghai Futures Exchange touched high at RMB 1,890/MT since Sept’15.
Domestic rebar prices for HRB 400 grade (25 mm) in Beijing have risen by RMB 60/MT (USD 9/MT) in a week’s time and stood at around RMB 1,880/MT (USD 288/MT). Similarly, the same grade material in Shanghai stood at around RMB 1,900/MT (USD 291/MT); offers up by RMB 40/MT (USD 6/MT) in the same period.
However, Chinese export rebar prices have been unchanged since past three weeks and export offers are in the range of USD 265-270/MT, FoB main port.
Other market, Turkey has reduced its rebar export offers by USD 10/MT W-o-W due to slow demand and stood in the range of USD 310-315/MT, FoB main port. Similarly, UAE’s imported rebar offers also down by USD 5/MT in the same period.
Global rebar offers in week 8 (15-21 Feb’16)
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 265-270 | 0 |
| CIS export FoB Black Sea | 285-290 | 0 |
| Turkey export FoB main port | 310-315 | -10 |
| UAE import CFR Jebel Ali | 320-325 | -5 |
| India (ex-works Mumbai) | 400-410 | +10 |
USD 1 = INR 68.80
Source: SteelMint Research
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