India: Rebar exports market muted as key buyers hold back purchases
The Indian rebar export market has remained inactive for yet another week as key importing nations have held back from placing fresh inquiries. A private mill was heard t...
The Indian rebar export market has remained inactive for yet another week as key importing nations have held back from placing fresh inquiries.
A private mill was heard to have raised its rebar export offers to $735-740/t CFR Hong Kong on actual weight (AW Basis). According to reliable market sources, no re-bar export booking has been reported in the past couple of weeks.
"There has been offer hovering in the market in similar price levels, but no inquiries," said a trader.
Not many Indian mills are seen to be active in exports currently due to the absence of bids from Singapore and Hong Kong, which stand among the key importers of rebar from India, SteelMint understands.
According to sources, the buying interest is thin as of now owing to soaring Covid cases in Singapore and enough stocks of previous rebar inventories in Hong Kong.
Also, volatility in the SHFE rebar futures throughout the week has weighed down the rebar export market. According to data maintained with SteelMint, the Chinese SHFE rebar futures contract for Jan'22 delivery closed today, 24 Sep'21, at RMB 5,468/t ($846/t) witnessing a decrease of RMB 10/t ($1/t) w-o-w.