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2023-11-30
Turkey rebar quotation climbed Vietnam steel market confidence boost
China exports:
In terms of rebar, Zhangjiagang B500B rebar export prices rose slightly by $5 / ton compared with last week. This week, despite the poor level of rebar futures, it is unlikely to have a direct significant impact on seaborne spot prices, and market sentiment has not been affected by the level.
Wire, export prices rose slightly this week. Our company learned through Mysteel that due to the low cost of rerolling, the rerolling mill did not actively buy billets to produce wire rods, and the wire mill did not actively increase production even though it suffered losses for several months. On the whole, China's domestic market demand has been strong recently, while the supply is relatively limited, and the appreciation of the yuan has made the market situation worse, and the overall performance of the export market is not as good as the domestic market.
Asia:
This week, Asian merchants rebar prices remained stable, the market activity is relatively calm.
Shandong Fengbao Metal Products Co., Ltd. learned through Mysteel that there was a deal in Singapore recently, but the current offer from China is not competitive, and Chinese steel mills are mainly focused on domestic sales. In the near term, market participants will continue to monitor potential changes in export quotes from regional steel mills due to recent volatility in Chinese futures, as well as potential arbitrage opportunities for rebar exports to the Chinese market.
In the Vietnamese market, the long material market rose again this week. According to Mysteel, due to the improvement of consumption in Vietnam's domestic market and the rise in raw materials, several steel mills in Vietnam have raised the price of construction steel by 110,000-410,000 VND/ton (about 4.5-17 USD/ton). Affected by the rise in Asian billet rebar and the appreciation of the yuan, the price of Vietnam's long material market has gradually risen after three months of sideways operation, and market confidence has been boosted, but many businesses are still cautious about the future market. Overall, the Vietnamese long material market will continue to run in a narrow range. The demand and output of seamless carbon steel pipe are not known for the time being.
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