Steel billet sellers are increasingly exploring options to sell material into Southeast Asia amid a lack of interest in imports from key buyers in China and the worsening Chinese port congestion.
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.
Due to the upward trend of the international scrap market, the price of scrap imports in South Asia increased in the week ending December 24.
Flat steel import prices have risen in the UAE and Saudi Arabia over the past week.