Middle Eastern market has maintained its customary lackluster tenor despite signals of revival in Global Steel Industry. With the wash out in 2009 it was avidly awaited that the tidings will take a turn for good with the dawn of 2010.
Markets all around the globe have exhibited ascendant paradigm towards the end of 2009 on the foundations of solid revival in Chinese domestic market and commencement of buying in Europe as the stocks depleted. The export power houses of Ukraine & Russia maintained a steady price levels at odds with sagging demand in an unusually dreary winter and logistical bottlenecks at freezing ports.
Middle Eastern market remains paralyzed with stunted demand as lack of construction activity made the stocks immovable. Domestic demand in all segment is abysmal and offers seem coercive rather than acceptable catering to the rolling demand.
The last plate order was booked at USD 560 per tonne CFR Middle Eastern port for a large parcel size but current offers of USD 610 per tonne CFR has no takers.
The last order of HRC was booked in December at USD 565 per tonne CFR. Current offers at USD 580 per tonne to USD 595 per tonne are being countered with bids at USD 570 CFR per tonne although no booking is reported. Chinese offers at USD 600 per tonne from tier 1 mills are not evoking any interest.
The last booking of rebars was reported USD 515 per tonne CFR but the current offers at USD 550 per tonne from Turkey have been admonished.
Last booking of HDG is reported at USD 730 per tonne CFR from Indian sources.
The concept of market price seems a misnomer as sellers and buyers have booked spot orders matching short term interest. It is reported some of the Category 1 mills from India and Europe have booked at levels lower than Ukrainian offers signifying acute desperation. It is widely believed that the market will take a plunge in March as traders having taken position will release low value cargo neutralising price hike by mills.
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