During the Current week, market participants across the globe have increased the rebar export offers consecutively for the second week.
China’s rebar export offers have moved up sharply in a week’s duration in the range of USD 7-10/MT and currently are in the range of USD 450-460/MT, FoB Main Port.
Meanwhile, domestic/ spot prices for same grade have also gain momentum by RMB 210/MT (USD 30) to RMB 3,650/MT (USD 530) in Beijing. In Shanghai the offer is at RMB 3,550/MT (USD 517); which is higher by RMB 80/MT (USD 12) W-o-W.
As per Sources after rapid price gains, steel market is now exposed to price corrections in the short term against the backdrop of high inventories and slight price fall in raw materials.
Following the suit the other major countries have also raised their prices. Turkey’s rebar price is assessed at USD 430-435/MT FoB, increased by USD 15/MT W-o-W.
Similarly, CIS rebar export and UAE import offers are also moved up by USD 12/MT & USD 30/MT and stood at USD 425-435/MT and USD 435-440/MT, respectively.
Indian Domestic Market
Indian domestic rebar prices continue to surge over active trades and low inventories in the rolling mills in major trading markets. On W-o-W, offers surge by INR 800-1,000/MT (USD 12-14).
Global Rebar offers as on 24 Feb’17
|
Country-wise |
Offers in USD/MT |
W-o-W |
| China export FoB main port | 450-460 | +7 |
| CIS export FoB Black Sea | 425-435 | +12 |
| Turkey export FoB main port | 430-435 | +15 |
| UAE import CFR Jebel Ali | 435-440 | +30 |
| India (ex-works Mumbai) | 455-460 | +13 |
USD 1 = INR 66.60, USD 1 = RMB 6.87
Source: SteelMint Research
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