Undeniably last fortnight has seen semblance of activity in the bedraggled Middle East market. The pessimism accentuated by a pervasive MENA crisis seems to be on the wane in some quarters. It is learn that Egypt has started buying recently giving fillip to the market. In the meanwhile the inventory levels in domestic market are running low due to an unbroken streak of poor buying.
However it learnt that the ripples might be fading away with Black Sea and Turkish offers under pressure recently. It is learnt that Turkish offers for rebars at USD 790 per tonne CNF, Dubai is being spurned. Concurrently billet offers had touched USD 700 per tonne FOB Black Sea last week a correction of USD 5 per tonne to USD 10 per tonne has set in. Realistically big cargoes were booked at USD 670 per tonne to USD 680 per tonne FOB with some odd small tonnages at USD 700 per tonne levels.
Turkish domestic market is on high with the announcements of slew of infrastructure projects and mills have the audacity to command prices from export at parity with domestic levels of USD 790 per tonne.
The domestic market in UAE has been convulsing at AED 2700 delivered with 120 days credit might start to wilt with monstrous seasonality and sullenness of Ramadan.
Some of the current booking levels prevailing in Dubai are as follows
Plates
Boron added plates of from China at USD 790 per tonne to USD 800 per tonne CNF, whereas Ukrainian plates are offered at USD 800 per tonne to USD 830 per tonne.
HRC
USD 760 per tonne CNF from Black Sea. The last Mobarakeh tender booking was at USD 720 per tonne FOB or USD 740 per tonne CNF. It is learnt that Korean mills are offering at USD 765 per tonne CNF, whereas Indian mills are finding hard to cut ice at USD 780 per tonne, CNF.
( Source: www.steelguru.com )