With the international prices running amok the current frenzy has caused ripples in the hitherto calm gulf waters. Although offers are flying high and fast touching hysterical levels transactions are prudent and selective.
The buying is more trader to trader rather than trader to end user indicative of speculation. The buying is need based with buyers not ready to commit volumes in excess of immediate requirement.
The long product market has certainly given some reasons to cheer with a climb down of nearly USD 50 per tonne to USD 60 per tonne. Scrap and billet prices have fallen in equal measures touching USD 460 per tonne and USD 690 per tonne to USD 710 per tonne CNF. Similarly rebar prices have come down to USD 710 per tonne to USD 715 per tonne, which had touched USD 750 per tonne.
The domestic rebar levels have appreciated by about AED 100 per tonne over the last couple of weeks in tandem with the international tempo.
On the other hand flat product flag keeps fluttering with the following offers
1. HRC - USD 770 per tonne to USD 780 per tonne CNF
2. Plates - USD 800 per tonne CNF
The market is waiting with baited breathe release of the position cargo and movements after the Chinese Spring Festival to crystallize a trend