【Hotspot Tracking】
Mysteel has learned that the price of imported rebar in the United Arab Emirates has been stable recently. However, due to the slowdown in buyer demand to avoid accumulation of inventory at the end of the year, rigid demand purchases are mainly used, resulting in the expansion of the local price range.
It is the local National Day and the market was closed on December 4. It is expected that steel mills will end bookings this week. It is reported that the current listed price of rebar from the UAE domestic benchmark steel mill (Emirates Steel Company) for delivery in December is US$710/ton EXW Dubai, and the tradable price is slightly lower, about US$685/ton EXW Dubai, which is higher than in November. 20 US dollars/ton. The tradable prices of secondary steel mills (local steel mills led by Oman’s integrated long product producer Jindal Shadeed) have risen to $620-640/ton EXW Dubai, an increase of about $1/ton. After deducting the discount from the listing price, the extreme difference has exceeded US$60/ton.
Some secondary steel mills hoped to sell rebar with 90-day delivery at a price of around US$625/ton EXW, but they were boycotted by traders in Dubai and Abu Dhabi, demanding a discount of around US$5, which severely squeezed them. The profit margins of steel mills have been reduced, and market sentiment has been frustrated.
As price differences continue to widen, benchmark steel mills may limit the quantity of rebar supplied.
【International Industry Trends】
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On December 1, Japan’s manufacturing purchasing managers’ index (PMI) showed that Japan’s manufacturing industry fell to its lowest level since February in November, with the index falling to 48.3 from 48.7 in October, which had an adverse impact on steel demand. >
Low-price imported steel will impact Turkish steel industry in 2023
The Turkish Steel Producers Association (TCUD) said in a statement on December 1 that low-priced steel imports have hit the industry hard, especially low-priced steel import offers from Asian suppliers, hurting Turkish steel in 2023 vitality of the industry.
Post time: Dec-14-2023