Post Ramadan the aspirations have been bellied in the classical Middle Eastern fashion. With steel demand from the construction segment still slothful there was no perceptible activity amongst the importers.
In tight rope ambulation between domestic and import offers from Turkey it was the former emerged as the victor. Buyers averse to stockpiling the buying is primarily restricted to need based.
Turkish mills have attempted hike in rebar and WRC prices in September but have been unable to cut ice. Currently rebar is being offered at USD 735 per tonne to USD 745 per tonne CNF Dubai without much response.
It is learnt that some heavy bookings of rebar were done in the penultimate days before culmination of Ramadan thereby obviating the need buy in the lackluster market.
Moreover the gap between billet and rebar squeezing to USD 10 per tonne to USD 15 per tonne there is no allurement for the rerollers.
With Iran yet to pick up the moorings will continue to be slow at least in September. October although a fortnight away is potent with the possibility of hike in domestic and import levels as seasonal demand picks up supplemented by stock replenishment.
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