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| Monday Market Monitor - Middle East - WEEK 11 - Rebar recovery is on - 22 Mar, 2010 | ||
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The ominous lull in the steel market in Middle East seems to have been finally broken as it has started to move up in tandem with increasing global levels. Under the influence of information spreading about the rise in iron ore and steel scrap costs, some Arab markets have seen an increase in steel product prices, especially a remarkable one in rebar quotes as of the beginning of this week, in addition to the increase in imported billet prices which reached the level of USD 570 per tonne to USD 580 per tonne in some countries. Rebar quotes moved up in Jordanian markets for the locally produced material by 9% to 10% reaching JOD 510 per tonne to JOD 535 per tonne. Meanwhile, the market in Egypt is witnessing a rise in consumer prices for rebar up to EGP 4000 just after the Egyptian companies quoted this price between EGP 3400 to EGP 3500 at the beginning of March. Furthermore, Saudi markets have seen the rebar price up by SAR 300 per tonne from the prices announced earlier by local companies. So, rebar price reached SAR 2700 in some regions of the Kingdom with expectations of further increase in the coming period, although Hadeed SABIC, the largest provider for Saudi market hadn't announced any new increase of its quotes. In addition, rebar price was up in UAE by AED 50 per tonne to AED 100 per tonne for locally produced as well as Turkish and Qatari imported material alike. Consequently, locally produced rebar is now quoted at AED 2150 ex works, whereas the imported rebar stands at AED 2100 to AED 2200 C&F. Meanwhile, Turkish rebar price have increased to USD 670, rising by USD 40 compared to last week in the Iraqi market that is witnessing a very strong demand on that material, that's according to trade resources. To know more details on steel prices subscribe to services of www.steelprices-middleaeast.com by registering or send a mail to admin@steelprices-middleeast.com with contact details. Kindly note that this is a paid service with subscription charges of USD 1500 for 12months. (Sourced from www.steelprices-middleeast.com and Arab Steel) | ||
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