| News & Trends | ||
| Update on Chinese rebar domestic and export scenario - 02 Jul, 2008 | ||
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It is reported that construction steel export prices remain at high levels in China despite downward correction in domestic market. However, the price gap between steel makers has been widened again. The market is actually in chaos. The report added that Chinese domestic market prices are still in downward correction and the dull period is expected to maintain for some time. Shanghai market prices for HRB335 20mm rebar is being quoted at CNY 5170 per tonne to CNY 5180 per tonne down by CNY 30 per tonne from last Friday. HRB400 grade material is being quoted at CNY 5420 per tonne to CNY 5450 per tonne a decrease of CNY 20 per tonne. Commercial wire rod is at CNY 5520 per tonne that for hi speed material is tagged at CNY 5840 per tonne flat with last week. According to Mysteel, taking Shanghai price for HRB335 20mm rebar as benchmark, the strength above CNY 4900 per tonne would bolster the price to CNY 6000 per tonne in the end. There would be another round of increase following the correction. However, export offers by steel markers are quite different at moment due to different quality and different export channel. Shagang is said to be offering rebar at USD 1350 per tonne FOB, which compares with prevailing level of USD 1120 per tonne to USD 1150 per tonne FOB by medium and small sized steel mills. An east China based trader said that "Shagang's high offer is due to its entry to Dubai market and it could enjoy a sky high level of USD 1400 per tonne CFR. As far as my knowledge, only Shagang is allowed to sell its rebar in the local market of Dubai and other Chinese steel makers are still waiting for the approval of certifications." Most contract price for common carbon rebar to South East Asia is at USD 1080 per tonne USD 1100 per tonne FOB despite transaction price of USD 1250 per tonne to USD 1300 per tonne FOB for shipment to Middle East. Quotations for wire rod with boron is being exported at USD 1000 per tonne FOB and offers for material without boron are at around USD 1180 per tonne USD 1200 per tonne FOB. Transactions for wire rod are described to be quite good and there is less allocation than expected. (Sourced from MySteel.net) | ||
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