A barrage of import steel billet deals have been concluded with Chinese buyers this week at progressively higher prices, sources told Fastmarkets on Friday July 23.
Spot demand for imported hot-rolled coil in Vietnam dipped in the week to Friday July 23 after major domestic producers in the Southeast Asian country issued new offers.
The availability of significant volumes of lower-priced induction furnace (IF) steel billet in the Philippines import market has led to a cooling of interest in higher-priced blast furnace (BF) billet, sources told Fastmarkets on Friday July 2.
The Asian scrap metal market has been growing rapidly over the past year. Japan is the flagship of the use of scrap iron in the Asian steel industry. Last year, Vietnam performed very well and satisfactorily in this area. Using electric arc furnaces and changing their feed to scrap iron can be a great opportunity to adjust the price of 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 UAE rebar trend has been assessed in accordance with the latest Metal Bulletin forecasts. Prices in the UAE market are in line with global markets, and this order is less common in Asian countries. It seems that the price of rebar in the UAE market will continue to decline.
Crude steel production in the Persian Gulf countries has increased in the first 5 months. Qatar is engaged in construction and steel consumption due to hosting the World Cup and treats other countries in this field differently. Entering the prefabricated housing industry in the UAE and Saudi Arabia has led to acceptable growth in crude steel production in the GCC countries.
Demand for SAE1006 hot-rolled coil in the Vietnam import market improved slightly during the week to Friday June 25 amid reviving interest from buyers, sellers in India told Fastmarkets.
Demand for SAE1006 hot-rolled coil in the key import market of Vietnam remained extremely weak in the week to Friday June 18 due to the surge in Covid-19 infections, especially in Ho Chi Minh City, market sources said.