China: Rebar Export Offers Soar On Strengthen Domestic Prices

Trading activity involving rebar exports remained thin in China. However, as the spot trades good, export prices strengthen.

Presently, the sellers in the country are little interested to conclude deals for exports looking at healthy realization while selling it for domestic market.

Steel millers in China are accepting the export bid for rebar at USD 450-455/MT (FoB China); up by USD 25/MT than the previous week trade log.

While, in spot market offers are evaluated - East China, Shanghai at RMB 3,700/MT (USD 538); up by RMB 70 /MT (USD 10) and North China- Beijing at at RMB 3,640/MT (USD 529); surge by RMB 80/MT (USD 11), W-o-W.

Chinese spot rebar traders as well as manufacturers kept the prices very competitive in an attempt to secure more sales ahead of a holiday (Dragon Boat Festival) approaching in the country.

Also, billet offers rose in a week indicating rebar sales & prices to boost further in near term.

Turkey Spot and Export Offers

Turkey export offers drift away rigorously due to coming Islamic holy month of Ramadan in the neighboring countries and too many anti dumping cases on Turkey rebars has pulled the offers downwards. Fresh Offers are gauged at USD 430-440/MT; reduced by USD 20/MT.

Turkey spot offers still remained on the higher end as the peak season for the construction activities in the nation.

Other Global Offers:

- Rebar export prices for CIS region remained unchanged over the past week as demand continued to be modest in the major regions at offers of USD 410-415/MT.

- Rebar import prices to the UAE shrink further due to weak demand. On W-o-W, the offers fall by USD 20/MT to USD 435-445/MT.