Posted on 26 Sep 2023
The Gulf Cooperation Council producers have long had their eye on the Far East longs market, although purchase prices are low. However, domestic demand in the GCC, apart from the UAE, is not encouraging mills to make deals out of desperation, notes Kallanish.
Finally, an offer was translated into a deal last week by Ex-Qatar for 50,000 tonnes of rebar at around $525-530/t cfr Singapore theoretical weight for October-late/November-early shipment.
Meanwhile, a Saudi Arabian east coast mill offered 5sp (manganese high) billets at $510/t fob, which failed to attract interest. According to market sources, it revised its offer to $517/t cfr Manila, Philippines, towards the end of last week.
"The longs' sentiment is weak worldwide, and no recovery is expected in the fourth quarter. GCC mills look alternative markets as well, thanks to having cemented their position in Singapore and Hong Kong markets in the last two years." a sell-side source comments.
Source:Kallanish
