The price of steel billet sold to China increased again over the seven days to Friday April 9, stalling by the end of the week due to higher domestic billet supply to Tangshan, sources said.
The price of hot rolled sheet imports in Asia could exceed $ 1,000 per tonne in the coming months.
Following extensive market engagement, Fastmarkets will change specifications of its daily price assessment for steel billet, import, cfr Southeast Asia from Monday April 12.
Following the increase in scrap prices in the week ending April 5, rebar import prices to Singapore have risen.
Flat steel import prices to the United Arab Emirates and Saudi Arabia continued to increase sharply while buyers were hesitant to make bookings because they were uncertain if prices would stay high, sources told Fastmarkets on Tuesday March 16.
Uncertainty in the market for imported flat steel in the UAE and Saudi Arabia in the week ending Tuesday, March 9, as buyers waited for prices to rise.
Buyers in the UAE and Saudi Arabia booked hot rolled coil shipments in the week ending Tuesday, March 2nd, while the prices of some products changed.
Imports of rebar and steel billets in the UAE rose this week, but rebar prices fell in the domestic market.
Flat steel import prices in the UAE and Saudi Arabia have risen over the past week due to high price offers.
Supply restrictions in Brazil have inflamed the global steel and iron ore market. This is in the form of a glucose in global steel exchanges. In addition, steel mills blame Chinese traders' speculative buyers for the sharp rise in prices this month.