The Iranian longs market which was the beckoner for revival in long product market over the last couple of months has relapsed off late. The slump in demand from end-users has restricted buying to need based opting for immediate shipment reflecting diffidence in the market stability.
Lack of liquidity has compounded the problem further. Domestic mills have been compelled to reduce prices by USD 5 per tonne to USD 15 per tonne over the week.
Significantly rebar transactions have eclipsed other products.
With the narrowing of the gap between prices in the physical and exchange markets there has been a sudden drop in the transactions as traders would not want to freeze their money for the next few months.
Sluggish buying activity of stockiest is also attributed to ascending inventory levels with the arrivals of new material which was bought earlier. For example, this week stockiest have already offered rebar from Georgia, Egypt and South Korea, apart from the products they usually distribute.
At the same time stockiest have shown interest in UAE rebar at USD 680 per tonne CNF, but with immediate shipment. However offers from distant sources viz, Turkey and CIS have gone unheeded.
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