Indian rebar export trade remains inactive, prices unchanged

The Indian rebar export market remained inactive this week with no significant activity seen. SteelMint's price assessment for the BF-route rebar (10-40mm, B500B) was assessed at $790/t CFR Hong Kong on actual weight (AW) basis.

Indian rebar export shipments stood at 63,570 tonnes (t), unchanged m-o-m in Jan'22, as per customs data collated by SteelMint. Singapore emerged as the largest importer of rebars from India in Jan'22 at 25,260 t followed by Hong Kong, with 21,250 t.

Meanwhile, domestic prices in India remained supported this week. ESL Steel Ltd raised long steel prices by INR 1,000/t ($13/t) on 16 Feb'22, sources informed SteelMint. The effective price for rebar (12-32mm) stands at INR 63,000-63,500/t ($839-846/t) on exy-Delhi basis, excluding GST at 18%. Cost push alongside robust demand and healthy order bookings contributed to the price hike.

Rebar export offers from other regions continue to move north

• Turkey-based mills are learned to have lifted rebar export offers further by around $10/t w-o-w to $750/t FOB amid the cost push from imported scrap. Turkey's imported scrap offers inched up this week. SteelMint's assessment of US-origin HMS 1&2 (80:20) prices are at $505-510/t CFR Turkey, inching up by $3-5/t w-o-w.
  
  
• Also, rebar offers from Middle East countries were heard at around $800/t CFR Hong Kong on AW basis.