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Black sea long levels under pressure on slow off take and dip in scrap levels
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Tuesday, 26 Mar 2013
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Long steel price from Black Sea sulked in uncertainty. Market was lacking the normal vibrancy round this time. Middle Eastern stockiest had already booked orders and wanted to wait and see the trend in the coming weeks.

As a result the current offer by mills for rebar at USD 580per tonne to USD 585 per tonne was not evoking much response thereby raising chances of roll back by at least USD 5 per tonne to USD 10 per tonne in the coming week. Likewise wire rod was prevailing at USD 590 per tonne to USD 600 per tonne. (www.steelprices-europe.com)

It is also reported that scrap levels have already commenced losing steam as the warm weather picks up increasing availability. There was barely any interest in Ukrainian material from Europe.

Islands of hope remained in Iraq and West and Central African market notching up at least USD 10 per tonne to 15 per tonne more.

Coming fortnight will be crucial for setting the direction of the market if the buying remains lackluster and scrap levels fall further. Emerging challenge from Chinese material which tends to get cheap each week is not helping the cause either.

Source - Strategic Research Institute

(www.steelguru.com)

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