Recent reports from regional publications suggest that billet prices in the GCC markets are on a trajectory of consistent increase, propelled by a surge in export offers originating from Iran. Traders indicate that billet prices in GCC markets have steadily risen to the range of 530-535 USD/MT DAP, marking an increment of at least 5-7 USD/MT compared to indicators from two weeks prior. Additionally, some producers have already commenced June offers, setting prices at no less than 540 USD/MT DAP.
This upward trend in billet prices mirrors the concurrent escalation in export offers observed in Iranian ports. Producers in Iran have reportedly announced base prices not lower than 480-485 USD/MT FOB and 510 USD/MT CIF GCC ports, amidst a discernible reduction in port stocks.
The synchronicity of these developments underscores the interconnectedness of regional markets and highlights the influence of external factors on pricing dynamics within the GCC steel sector.
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