Middle Eastern market has seldom demonstrated the uncharacteristic pattern of revival since the dawn of recession. This region has the rare distinction of never breathing a reprieve in real sense.
Demand and supply have maintained residual levels at the best scuttling the revival banter even before it touches the gulf shores. Domestic rebar prices have remained unchanged at AED 2200 per tonne (USD 605 per tonne) delivered at yard 120 days credit for the last 1 month. Although some activity has been heard in Saudi Arabia earlier but the rebar rates have remained unchanged at SAR 2800 per tonne EXW (USD 747 per tonne) for the last couple of weeks signaling ebbing of activity.
Despite talks of appreciation in billet offers from CIS the offer levels at Middle Eastern port hasn’t seen any change maintaining levels of USD 460 per tonne to USD 465 per tonne CNF Dubai witnessing few transactions which can barely be called market indicator.
Off late Turkish mills have been trying to push the prices of rebars by USD 10 per tonne to USD 20 per tonne in the last 10 days touching the levels of USD 530 per tonne to USD 540 per tonne FOB without much activity.
HRC bookings where done at USD 620 per tonne to USD 625 per tonne CNF Dubai about fortnight back. Off late there has been heightened activity from Indian mills groaning under surplus domestic inventory taking the centre stage with aggressive offers of USD 610 per tonne to USD 615 per tonne CNF. It is reported that they are neck to neck with the last tender price of Mobarakeh Steel at USD 618 per tonne CNF Dubai.
Plate offers from Ukraine is prevailing at USD 710 per tonne to USD 715 per tonne CNF Dubai. China is offering boron plates as export rebate is still available at USD 680 per tonne CNF Dubai.