Last week’s pricing data from Middle East clearly reflects that after a long period of doom, market players are seeing first real signs of start of recovery. This movement points to reduction in old inventories and start of buying at higher levels.
In case of long products, substantial increase in domestic prices was seen for sections in almost all the regions.
On the other hand narrow plates, HR and CR posted major gains in all the locations. HR prices surged by almost USD 40 per tonne whereas CR prices gained USD 25 per tonne to USD 30 per tonne.
The Middle East Long Product Price Index MLPPI increased by 23points whereas the Middle East Flat Products Index MFPPI surged by 124 points. The overall price index Middle East MEASPI gained 53 points.