International Long Product Market Analysis

摘要

International long products markets have moved through another week of flux,partially reflecting scrap and iron ore benchmarks, while the asymmetric performanceof regional demand has introduced more pricing heterogeneity across the globe. Withrespect to China in particular, MBR has noted more volatility in rebar export prices, witha clear bottom having been reached around the $340/tonne FOB mark (for material stillqualifying for 13 VAT rebates), and as such the subsequent week-to-week movementshave had less international significance than was the case previously. This is likely aresult of the diminishing (though still elevated) influence of Chinese supply, which hasbeen precipitated, as far as we can extrapolate from Q1 data, by Chinese mills cuttingrebar output rather than any increase in Chinese demand absorbing excess supply.Indeed, alloy bar exports – which include boron and more recently chromium containedrebars - have been in retreat for some months now.