Sudden turn of events after Ramadan Gulf waters is agog with talks of improved offer levels from Turkish and CIS mills for billets and rebars. It is learnt that CIS mills have already revised billet offer levels by upto USD 5-10 per tonne.
Backed by higher offer levels of scrap Turkish mills have revised price of billets and rebar in domestic market by USD 5-10 per tonne which will reflect on the export levels soon.
Moreover with business attaining normalcy after the Ramadan holidays re-stocking as well as end use demand from construction projects will pull the price up soon.
Source – Strategic Research Institute