In the Persian Gulf, according to Metal Bulletin reports, we are witnessing a drop in prices and compensation for the inventory deficit in steel consumption units. Fast market analysts told Metal Bulletin that some rebar and steel ingot prices in the UAE fell in the week ending Tuesday, June 15th. In this regard, due to the low level of base prices, demand has improved. It seems that the Persian Gulf steel market is stabilizing. Stay tuned to Artan Press.
*** UAE Internal Rebar Market Evaluation
Local rebar manufacturers kept their prices unchanged during the week. But due to the pressure on prices in this area, some sellers of Gaten discounted their goods and Persian Gulf buyers took full advantage of this opportunity. The country’s largest producer, Emirates Steel, has offered rebar at 3,067 dirhams ($ 835) per tonne of its former products. The company seems to be afraid of falling prices and market turmoil. Therefore, it intends to reduce its inventory. Conars has been selling the same product for 3,060 dirhams per ton since May 18.
*** Stabilization of steel prices in the UAE market
It seems that in the current situation, the UAE steel market has stabilized. Offers with a price of 2900-2995 dirhams per ton of former products can be heard during the week in the UAE steel market. According to Metal Bulletin, a price deal 2,850 dirhams per tonne has been heard for manufactured products stored in the warehouses of Emirati manufacturing plants.
The weekly fast market valuation for ribbed rebar, the domestic market, from the UAE, was 2,850-2,950 dirhams per ton on Tuesday, falling from 2,900 to 3,067 dirhams per ton on June 8.
*** Rebar import in Oman
Oman bought rebar last week at a trading rate of $ 715-815 per tonne from the UAE, which is up from $ 805- $ 815 per tonne CPT rebar last week. The rebar market in Oman is expected to grow until the middle of next week. Despite the growth of export prices in the Persian Gulf, domestic transactions in this area are slow. So that on Tuesday, no deal was made between the countries in this area.
*** Fast Market evaluation of Persian Gulf and UAE rebar
Weekly Fast Market Rebar Valuation at Import Rates, in CFR Export Format Port of Jabal Ali, UAE, based on total cargo weight, reported June 15 unchanged at $ 790- $ 805 per tonne. This rate has been stable since the beginning of last week. This shows that the Persian Gulf steel market is in relative stabilization.
*** Importing tickets from Oman to the UAE
Omani producers offered steel ingots at $ 690- $ 750 per tonne cpt in the UAE, up from $ 750 per tonne last week in the UAE. These rates have not been traded either.
As a result, the weekly Fast Market price estimate for steel ingots, import rate, with export destination of Jabal Ali Port, UAE, on June 15 was $ 690- $ 725 per ton, from $ 715 to $ 725 per ton on June 8. Has experienced relative price growth.
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