The domestic Middle East Steel prices declined slightly on April 1st 2009. The Middle East Flat Product Price Index MLPPI declined by 31 points whereas Middle East Flat Product Price Index MFPPI dipped by 37 points. The overall Middle East Steel Price Index MEASPI fell by 33 points.
Class | 31-Mar | 01-Apr | Change | % |
MLPPI | 3694 | 3664 | -31 | -0.8% |
MFPPI | 5538 | 5500 | -37 | -0.7% |
MEASPI | 4253 | 4220 | -33 | -0.8% |
MLPPI - Middle East Long Product Price Index
MFPPI - Middle East Flat Product Price Index
MEASPI - Middle East Steel Price Index
Long Products
Category | 31-Mar | 01-Apr | Change | % |
PI – Rebar | 3280 | 3247 | -34 | -1.0% |
PI - WRC | 3509 | 3482 | -27 | -0.8% |
PI - Angle | 4807 | 4761 | -46 | -1.0% |
PI – Structural | 4878 | 4843 | -35 | -0.7% |
PI – HEA | 5396 | 5383 | -13 | -0.2% |
Flat Products:
Category | 31-Mar | 01-Apr | Change | % |
PI - Narrow Plates | 5435 | 5390 | -45 | -0.8% |
PI - Wide Plates | 7738 | 7702 | -36 | -0.5% |
PI - Hot Rolled | 4307 | 4156 | -150 | -3.5% |
PI - Cold Rolled | 4856 | 4816 | -41 | -0.8% |
PI - Galvanized | 5178 | 5149 | -30 | -0.6% |
PI - Price Index
The prices continued downward trajectory under pressure of cheap import from Turkey at USD 430 per tonne CNF Middle Eastern port. It is reported that China has entered the fray with offers as low as USD 450 per tonne CNF Middle Eastern port. As a result, stockiest carrying high priced inventory are under pressure to liquidate stocks at competitive rates.
Moreover it is also reported that HRC cargoes destined for China at USD 450 per tonne CNF Main Chinese ports are being diverted from high seas to Middle East and other neighboring regions due to sudden slump in demand within China. This is likely to commence downward spiral for HRC price.