The fluid political dynamics in gulf has led to ambiguity and sudden slackening of transactions. With the Egyptian inferno engulfing the neighboring countries buyers have opted for caution. The already sulking market which had shown fledglings of recovery in January has been nipped in the bud.
It is learnt that rebar is being offered of Turkish origin at USD 650 per tonne to USD 655 per tonne CNF Dubai with no takers. It is a significant climb down of nearly USD 100 per tonne from the month back Turkish offers of USD 750per tonne to USD 755 per tonne. To rub salt to the injury about 250,000 tonnes of rebar booked in late December just before the flurry in long prices at levels of USD 610 per tonne to USD 635 per tonne is arriving shortly owing to delayed shipment.
There is no improvement in the UAE flat product market. Both end users and traders are still inactive and not willing to accept persisting price growth. Besides, high stocks and few projects in the country allow market participants to stay in a wait-and-see mode.
The Russian mills in a tizzy have offered HRC at USD 850 per tonne CNF Dubai whereas their Ukrainian counterparts are maintaining offers in the range of USD 810 per tonne to USD 815 per tonne CNF for March production. However bookings are alluding.
Plate is being offered at USD 825 per tonne to USD 830 per tonne CNF Dubai.
The market seems to have gone in a huddle surprised at the diametrically opposite tendencies in long and flat product prices. There is a lurking fear that the flat product prices will see correction soon as the offers touch preposterous levels and traders have already bitten more than they can chew. An abundance of position cargo is waiting on the side lines to play havoc when the speculative bubble burst. As a result most of the buyers in Middle East are postponing their immediate requirement in anticipation of an imminent crash.
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