Rebar export offers globally remained dull in week 24 over festive season in Turkey & Dubai and softening trade sentiments in China.
The fresh, Chinese rebar export prices are witnessed at USD 445-450/MT; down by USD 5/MT than last week trades.
Moving down to domestic market, it registered a sharp correction in the spot offers (fall by USD 15-19) due to lesser demand on weakening futures. It seems that supply pressure will further downside the steel price in China.
Current spot prices are evaluated in East China, Shanghai at RMB 3,580/MT (USD 526); plunge by RMB 130/MT (USD 19) and North China, Beijing at RMB 3,490/MT (USD 513); reduced by RMB 100/MT (USD 15), W-o-W.
Turkish rebar export prices have fallen slightly over the past week due to the Ramadan which slowdown the country’s trade activities. The fresh export offers are registered at USD 430-435/MT, with slight correction by USD 3/MT, W-o-W.
Similarly, due to festive, rebar imports demand in UAE remained weak. There are anticipations that prices to fall further as no major deals are heard at the offers prices of USD 435-445/MT which is unaltered compared to last week.
CIS exports also remained quite with current offers at USD 410-415/MT, unchanged as compared to last week.
Source: SteelMint Research
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