Price Fluctuations Continue in the Middle East Long Steel Market

The Middle East long steel market has been experiencing notable price fluctuations in recent weeks. Prices of rebar as well as products such as profiles, billets, and angles are being shaped by a combination of geopolitical developments, domestic demand dynamics, energy costs, and import pressure.

While producers in the region grapple with rising costs, they are also reshaping their pricing strategies under the influence of global market trends. Here's a look at the latest price developments across the region from Jordan to Oman, Qatar to Iraq:

Jordan:
Rebar prices (12–32 mm) in Jordan fell to $664/ton FOB, marking a $3 drop on a weekly basis.
Jordan Steel set its EXW base price for Grade 60 rebar at 718 JOD/ton, with a maximum retail price of 749 JOD/ton.
However, actual market prices are trading in the range of 468–475 JOD/ton (equivalent to $660–669/ton), based on mid-market exchange rates. Transactions conducted via banks or exchange bureaus often incur additional costs due to commissions or rate discrepancies.
While the government-mandated price ceilings remain in place (720 JOD/ton EXW and 745 JOD/ton retail), current market levels remain below these caps, indicating a highly competitive supply-demand balance.

Kuwait:
Although Kuwait is not directly involved in any conflict, the country remains affected by regional geopolitical tensions. The recent escalation between Iran and Israel pushed Brent crude oil prices significantly higher.
This situation could lead the Kuwaiti government to allocate more resources to construction and infrastructure projects.
While no significant change has been recorded in steel prices yet, increased government revenues are expected to stimulate investment in the sector.
However, logistics and insurance costs have risen, and construction sector cost pressures are likely to persist.

Qatar:
Rebar prices in Qatar have remained stable for a prolonged period. The key reasons include limited domestic production, controlled import costs, stable currency exchange rates, and an overall slowdown in the construction sector.
However, on June 23, 2025, Iran announced that it had launched missile attacks on the Al Udeid Air Base in Qatar in retaliation for U.S. strikes on its nuclear facilities — a move that created uncertainty across the markets.
Currently, Qatar Steel's rebar price remains unchanged at $721/ton EXW.

Oman:
The Omani steel market continues to see activity and price changes:

• Angles: Arabian Star LLC raised its prices to $735/ton EXW, reflecting a $3 increase.

• Billets: Prices climbed to $562/ton CFR, up by $4, mainly due to strong demand from India’s construction sector.

Rebar:

• Jindal Shadeed: Due to surplus inventory and increased competition from imports, prices were reduced to $646/ton FOB (–$2).

• Muscat Steel: Rising production and energy costs, coupled with renewed momentum in infrastructure projects, pushed prices to $668–677/ton FOB (+$3).

• Oman Steel: Maintained its prices unchanged at $639/ton FOB.

Iraq:
Conversations with Iraqi buyers indicate an upward trend in rebar prices:

• Van Steel: $684/ton (+2 $)

• Mass Steel: $707/ton (+7 $)

• FF Steel: $678/ton (+3 $)

• Other Northern Iraq Plants: $635–645/ton (+5 $)