Rebar and wire rod export prices from the Commonwealth of Independent States increased significantly over the past week, supported by favorable market conditions due to strong domestic demand in Russia, higher prices from competitors – particularly Turkey – and increased global scrap costs.
Rebar ***
Ukraine-origin rebar was available to foreign customers at $690 per tonne fob Black Sea at the end of last week, rising from $680 per tonne fob early last week. The price surged from $650 per tonne fob heard in late April-early May.
“We increased offers following the rise in Turkish export prices,” a mill source told Fastmarkets.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $695-700 per tonne on May 6, up from the $645-650 per tonne the previous week.
Turkish prices increased sharply last week due to the cancellation of a tax rebate on steel products in China.
The producer source indicated that bookings were done within the noted range.
Deals were concluded early this week at $720 per tonne fob Black Sea, the producer source said.
The most recent rebar offers from Ukraine surged to $740-745 per tonne fob Black Sea.
Russia-origin material was available to foreign customers at $750-754 per tonne fob Black Sea.
Offers from Russia were higher amid limited allocation of material for export market due to strong local demand.
Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was at 65,000-66,000 roubles ($878.54-891.77) per tonne including 20% value-added tax on Tuesday, up by 9.17% from 60,000 roubles per tonne the previous week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS, was $680-720 per tonne fob Black Sea on May 11, up by 7.69% from $650 per tonne fob a week earlier.
Wire rod ***
The wire rod segment has also increased over the past week.
Offers from Ukraine were heard at $775-780 per tonne fob Black Sea last Thursday, up from $750-760 per tonne at the beginning of last week.
A mill source put workable prices in a range of $760-770 per tonne fob last week.
This week, offers from Ukraine surged to $780-800 per tonne fob with bookings said done at the lower end of the range.
Russia-origin material was available at higher prices due to strong domestic demand.
One mill source offered material at $810 per tonne fob Black Sea.
The other producer said it was seeking $850 per tonne fob, while bids from Turkish customers were at $820 per tonne fob.
After the assessment closed, a deal at $830 per tonne fob for a medium-size cargo was reported by the mill.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS was at $760-810 per tonne fob on May 11, up by 6.80% from $730-740 per tonne fob a week earlier.
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