Ex-CIS rebar offers slide down amid more aggressive Chinese offers

Ex-CIS rebar export offers have declined to $590-605/mt FOB for September shipments, after trending sideways for quite a long time at $610-610/mt FOB. The decline is attributable to the pressure exerted by more aggressive Chinese rebar export offers as low as $530/mt FOB, as well as to the silence in the market and low demand.
 
With expectations for further price cuts, some market players have already sold short, while most buyers are postponing their bookings amid increased uncertainty in the market.