Gulf Stream has quietened after momentary ripples generated in the aftermath of MENA crisis.

The foisting of billets ,rebar and wire rod prices about a month back both in the Black Sea as well as the Turkish ports. The ripples had a cascading effect on the domestic market as well wherein the stockiest and traders got stuck in a speculative groove vying to replenish skeletal stocks.

The spontaneity of the revival was diluted in less than a fortnight as the demand remained subdued. Mere speculation and re stocking are unsustainable in providing an intransigent ecstasy to the market beset with poor growth and economic activity.

With Ramadan on the anvil (1st to 30th August) activities will be typically on a low key bottling economic activity and ensuing demand for September dream run. With European market still grappling with debt crisis and trying to wriggle out demand is expected to spruce up after summer vacation in Europe. Hence the fundamentals seemed aligned for revival in September which will carry with the momentum till the winter vacation.

Silhouetted in a YoY drop of 10% to 12% in steel consumption Middle Eastern market is groveling in the sand dust. With the anticipated turnaround in construction and allied economic activity September-November operators are pegging their stakes on these forecasts.

Holistically it seems that post Ramadan market will flare up for couple of months concomitantly with improved demand in Europe and China. However towards winter the slump promises to be equally miserable when the X’mas and New Year vacation commences.

The Middle East Long Product Price Index MLPPI remained stable last week whereas the Middle East Flat Products Index MFPPI has gone up by 19 points. The overall price index Middle East MEASPI inclined by 6 points.

MLPPI - Middle East Long Product Price Index
MFPPI - Middle East Flat Product Price Index
MEASPI - Middle East Steel Price Index

Long products

PI - Product Index

Flat products

PI - Product Index

W Section
A36/S275JR

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Angles
A36/S275JR

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Channels
A36/S275JR

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Rebars
BS4449 Grade 460B

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Wire Rod
SAE 1008

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Plates 3x12
S275 JR

Change is on July 21st as compared to 14th July 2011
Change is per tonne

HRC

Change is on July 21st as compared to 14th July 2011
Change is per tonne

HDG
0.7

Change is on July 21st as compared to 14th July 2011
Change is per tonne

CR

Change is on July 21st as compared to 14th July 2011
Change is per tonne

IPE
14-16-18

Change is on July 21st as compared to 14th July 2011
Change is per tonne

Structural

Change is on July 21st as compared to 14th July 2011
Change is per tonne

HEA

Change is on July 21st as compared to 14th July 2011
Change is per tonne

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