It is reported that there has been few Chinese construction steel exports this week and the scenario is going to spread into next month.
Domestic market prices are still on the decrease .Shanghai market prices for HRB335 20mm rebar is being quoted at CNY 4870 per tonne, HRB400 grade material is being quoted at CNY 4900 per tonne down by CNY 60 per tonne and CNY 150 per tonne from last Friday. Commercial wire rod is down by CNY 50 per tonne to CNY 100 per tonne to CNY 4750 per tonne to CNY 4760 per tonne that for hi-speed material goes at CNY 4780 per tonne to CNY 4810 per tonne.
Mysteel forecasts, as expected rebar price on Shanghai market has reached the target of CNY 4900 per tonne. Taking Shanghai price for HRB335 20mm rebar as benchmark; it is likely to approach CNY 4700 per tonne to CNY 4600 per tonne if it always remains below RMB4900/ton this week. However, there would be rebound if it could return to CNY 4900 per tonne up quickly.
Export offers for rebar are about USD 910 per tonne to USD 920 per tonne for 10mm to 25mm. While BS4449 Grade 460 rebar with CARES certification at USD 1150 per tonne to USD 1170 per tonne FOB.
