Turkey noticed increase in offers, too.
In global rebar market, UAE imported rebar offers have been rising for the past three consecutive weeks owing to better demand from Middle East countries. Current offers stand at USD 348/MT CFR Jebel Ali.
In Turkey also rebar export offers have increased slightly, by USD 5/MT W-o-W, in line with the increase in scrap offers. Current export offers are assessed at USD 340/MT, FoB main port Turkey.
Meanwhile, Chinese rebar export offers have fallen slightly by USD 2/MT W-o-W and stand at USD 260/MT FoB China main port.
Chinese steel consumption declined during Jan-Oct’15
China, the world largest producer and consumer of steel, has reported fall of steel consumption by 5.7% to 590.5 MnT in the period of Jan-Oct’15, as per the China Iron and Steel Association.
It indicates that the domestic demand is weak, as a result of which, Chinese steel export figures are growing in the current year.
Global Rebar Offers as on 14 Nov’15
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 260 | – 2 |
| CIS export FoB Black Sea | 302 | – 3 |
| Turkey export FoB main port | 340 | + 5 |
| UAE import CFR Jebel Ali | 348 | + 18 |
| India (ex-works Mumbai) | 379 | + 4 |
USD 1 = INR 66.09
Source: SteelMint Research
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