Posted on 13 Jun 2024
Billet enquiries are floated in the United Arab Emirates and Oman this week. Due to increased electricity tariffs in Oman between 1 p.m. and 5 p.m., local producers cut production but kept prices flat, Kallanish observes.
In Oman, one re-roller placed an enquiry for 10,000 tonnes of 3sp modified billets for July delivery. In the UAE, re-rollers issued enquiries for over 30,000 tonnes.
In UAE, a small package (2,000t) of induction furnace route rebar grade billet was sold this week at $535/t delivered for immediate delivery. Ex-Oman offers were heard at $540/t landed to the buyer's yard for July delivery.
Ex-Iran billet offers are being heard at $498-505/t cfr (liner out) GCC ports (Qatar, Kuwait, Oman, UAE) for July delivery. Last week, three separate deals struck in Iran destined for GCC market for a total of 72,000t at $480-482/t fob for July-mid and August deliveries, according to sources. Far East origin (Indonesia, Malaysia) 3sp and 3sp modified billet offers are at $525-530/t cfr (liner out) Jebel Ali for July shipment
The major scrap consumers in the UAE are attempting to lower their purchase prices as a result of reduced exports to India and muted demand in Pakistan. Local scrap quotes this week are at AED 1,250-1,270/tonne ($340-346) for HMS 1/2 80:20, AED 1,310/t for HMS 1 90:10 - so called Super HMS, AED 1,280-1,300/t for fabrication and AED 1,375-1,400/t for rebar end-cut.
Source:Kallanish
