China: Rebar Export Offers Surge on Active Domestic Demand

Despite sluggish sentiments in export market, Chinese rebar export offers gain by USD 5/MT to USD 425-430/MT, FoB Main port.

The continuous price hike in China's spot market with good demand has made Chinese mills less interested for exports.

Spot prices in Eastern Region (Shanghai) rose sharply by RMB 220/MT (USD 32) with current offers at RMB 3,630/MT (USD 528). Similarly, Northern Region (Beijing) it surge by RMB 50/MT (USD 7) to RMB 3,560/MT (USD 518) for HRB 400 grade (25 mm), W-o-W.

According to sources these high offers might not sustain in coming weeks as the demand is not as good as the prices gaining momentum.

Turkish Export and Spot Market:

Turkey's rebar export market remained stable over past week amid dull trades. With anti dumping duty implemented by USA, which may lead to fall in export offers in coming times. Current offers are USD 450-460/MT, FoB Turkey.

Turkish domestic rebar market continued to strengthen this week, as demand remained firm amid tight supply. As per the analysis, no offers are heard less than USD 500-505/MT in the domestic market.

Other Global Market:

Demand remained lower, the exporters cut the CIS export offers for the week by USD 7/MT with offers at USD 410-415/MT.

Similarly sluggish sales being reported for UAE imports as offers from Turkey were too high and approaching Islamic holy month. Current offers are reported at USD 445-455/MT; increased by USD 15/MT compared to last week.