Global Rebar Market Overview in Jan’17
China’s rebar offers for both domestic & export market has increased.
Chinese steel prices continue to remain firm over last three weeks. Whereas Chinese rebar export offers have increased by USD 5-10/MT in Jan’17 and stood at USD 435-440/MT.
Meanwhile, domestic rebar prices for HRB 400 (25mm) in Beijing moved up by RMB 260/MT (USD 37)in a month and traded at RMB 3,160/MT (USD 459).The same grade material in Shanghai is at RMB 3,280/MT (USD 477),which is higher by RMB 160/MT (USD 24) in same duration.
The price rise was seen in the starting of month as there was positive sentiments’ prevailing in the physical market. However, in the later part of January as it was season for New Year holidays the prices of Chinese Export offers as well as the domestic market remained silent and there were minimal trade activities.
Although, In Jan’17 India’s domestic rebar prices have seen an increase of USD 15-30/MT and the offers prices assessed at USD 445-450/MT Mumbai, West region (prices for 12mm,excise duty & other taxes extra).