The MENA political crisis has sapped the market of its last ounce of confidence .The near absolute inactivity in the market with barely any deals. The domestic as well as the import transactions was absent.
It is learnt that most of the domestic mills have compromised with the realities by cutting the prices. It is learnt that Emirates Steel has reduced rebar prices by AED 100 per tonne from AED 2750 per tonne to AED 2650 per tonne to align with the market expectations.
The import scenario is equally morose with no transactions albeit offers have been floating as follows
1. Ukrainian plates - USD 880 per tonne to USD 890 per tonne CFR
2. Ukrainian HR - USD 790 per tonne offer is being bid at USD 770 per tonne CFR
3. Ukrainian billets -USD 670 per tonne to USD 675 per tonne CFR
4. Turkish rebar - USD 670 per tonne to USD 675 per tonne CFR
5. Iranian Mobarakeh Steel HR - Last offer was at USD 760 per tonne FOB
The last reports have indicated that no major transaction has taken place even though position cargoes are available aplenty as the buyers waiting for the political and market levels to settle giving them a sense of direction.
www.steelprices-middleeast.com is a comprehensive service for tracking real time domestic steel prices and trends in Middle East.
The scope of service includes
1. Domestic pricing information in UAE, Saudi Arab, Qatar, Kuwait and Bahrain
2. Export levels from Turkey, Rotterdam, China, India and Black Sea
The service is specifically designed to assist steel makers, traders, users and others connected with the industry to keep track of real time prices prevailing in the market and thus comprehensively evaluate steel pricing trends in the trend setting region
Methodology and access
1. Benchmark products in each category with fixed commonly used sizes and grades
2. Average transaction levels which have settled well, based on continuous interactions with domestic mills, service centers, stockiest, traders and buyers
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