CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
In recent days, China has taken a closer look at the world's iron ore markets, especially Australia's iron ore. Prices in the Australian iron ore market are currently undervalued due to their remoteness from other global markets. This was done so that the Chinese government would seize the opportunity. China has a long-term plan for iron ore.
The steel rebar and billet import market in the United Arab Emirates was slow after the country’s biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.
Flat steel prices for imports into the United Arab Emirates and Saudi Arabia decreased during the week ended Tuesday June 29, but demand was better because of low stock levels, Fastmarkets was told.
The seaborne premium hard coking coal price stayed large stable in the cfr market because most market participants adopted a wait-and-see attitude on Tuesday June 29, market sources said, while the price of premium hard coking coal fob DBCT inched higher on buying interest.
The domestic steel market is in unfavorable conditions in the last days of the government. The whole market can be considered stagnant without customers. The cold steel sheet and beam market is in a situation where it is prone to further price reductions. It remains to be seen where the dollar price fluctuations will go.
The double exchange rate has always been prone to rent-seeking and corruption in Iran's economic strata. In the current situation where the deadline for imported currency has expired, we are witnessing the largest amount of rent in the supply of dollars in the market. Under such circumstances, the dollar market has entered a self-inflicted inflammation. This could have dire consequences for commodity markets, especially steel iron.