Ramadan fervor has not caught up with the steel market. Amidst absence of urgency for stocking material customary around this time, buyers are reticent in declining market with import levels correcting each day. Market has reacted usual fashion by postponing buying letting levels to settle.
Buyers are preferring sources with short delivery time and small parcels in a sketchy market. Particularly Mobarakeh Steel Iran is having slice of the cake with competitive levels at USD 610 per tonne to USD 615 per tonne CNF. CIS suppliers have opted to lay low having sold out for June.
Downstream products CRC and HDG has taken a major hit with one big producer reducing CRC and HDG prices by USD 75 per tonne to USD 80 per tonne and USD 50 per tonne to USD 60 per tonne respectively for August booking.
Stockiest have cut the prices but continue leverage a gap of nearly USD 55 per tonne to USD 60 per tonne over imports making it susceptible for correction if things don’t improve soon.
Buying remaining subdued the coming days will see major corrections if no solution is visible after the Greek elections and Spanish bailout goes the Greek way.
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Source - Steel Prices Middle East
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