Indian mills continue to lift rebar export offers on global price support

Indian rebar export prices witnessed a further significant rise this week tracking a hike in global and domestic offers. SteelMint's price assessment for the BF-route rebar (10-40mm, B500B) was assessed at $775-790/t CFR Hong Kong on actual weight (AW) basis, up by around $20/t w-o-w.

Indian rebar export prices rose significantly by around $85/t on a monthly basis. Also, a few rebar export deals from India were heard at around $775/t CFR Hong Kong on actual weight (AW) basis ahead of the Chinese Lunar New Year holidays.

Factors behind rise in Indian rebar export offers

• Hike in Indian domestic rebar offers on strong demand: Jindal Steel and Power Ltd (JSPL) hiked rebar prices further by INR 2,000/t ($27/t) for Feb'22, sources informed SteelMint. The current landed prices stand at INR 64,000-64,500/t ($855-862/t) in Delhi and Mumbai, excluding GST at 18%. Healthy demand in the domestic market and rising input costs amid soaring raw material prices contributed to the price hike.
  
  
• Global rebar export offers uptrend continues: Turkey-based mills are learned to have lifted rebar export offers further by around $15/t w-o-w to $735-750/t FOB amid a continuous increase in the country's imported scrap prices. SteelMint's assessment of US-origin HMS 1 & 2 (80:20) prices are at $505/t CFR Turkey, up by around $15-20/t w-o-w. Notably, the prices have hit three-month highs after Nov'21.
  
  
• Active deals: Hoa Phat, a leading Vietnamese steel producer, has recently concluded two rebar export deals for two lots to Hong Kong and one lot to Singapore, sources informed SteelMint. The deals were heard concluded at $760/t CFR Hong Kong on an actual weight (AW) basis and $750/t CFR Singapore on a theoretical weight (TW) basis.
  
  

Demand is picking up in the global long steel products market after the holidays and it will be even better once the weather becomes warmer in the northern hemisphere, as per the Short Range Outlook of the International Rebar Producers and Exporters Association (IREPAS).