Yemen: Red Sea Events Impact Steel Imports and Prices
Recent events in the Red Sea have significantly impacted steel imports to the Yemeni market. Fear of shipment delays and increased shipping and marine insurance prices have led most importers to halt steel imports. Consequently, there is a shortage of steel in Yemen, contributing to a relative increase in prices. The current price for Yemen Rebar (12-32 mm) is $660/mt EXW Mukalla Iron and Steel, witnessing an upward shift of $8. The increase is attributed not only to global price trends but is further exacerbated by the events in the Red Sea.
Syria: High Rebar Production Costs amid Civil Wars and Economic Issues
The Syrian iron and steel market faces considerable challenges, with civil wars and economic problems leading to a high production cost for rebar. The sales price of 1 ton of rebar in Syria is reported at $740, significantly higher than global market prices.
Egypt: Steady Rebar Prices Reflect Market Stability
In Egypt, the rebar market demonstrates stability, maintaining a similar price range to the previous week. Rebar prices fluctuate between EGP 40,500 and EGP 42,900 EXW. Key companies such as Ezz Steel, Suez Steel, and others contribute to this stability, providing a reliable foundation for project cost estimations and budget planning.
Saudi Arabia: Surge in Rebar Quotes Amidst Pricing Changes
Within the Saudi steel market, rebar prices between traders have experienced a significant increase in early 2024. The removal of the project discount in January prompts all traders to secure rebar at a uniform price of SAR 2,325 per tonne ($620). This week witnessed a robust rise in quotes between traders, reflecting an escalation compared to the previous week. Industry insiders note challenges such as high rebar inventories, stagnant demand, and increased costs due to a recent 53% diesel price hike.
Iran: Ban on Traders to Tackle Rising Steel Prices
Iran implements a ban on traders purchasing slabs from the commodity exchange to address the recent surge in steel prices. Effective from January 9 , this strategic move is aimed at stabilizing the market and ensuring a fair business environment. The ban specifically targets traders, aligning with the global trend of steel-producing nations taking measures to address rising slab prices.
Lebanon Rebar Price Overview: This report provides an overview of the current market dynamics surrounding rebar prices in Lebanon, specifically sourced from Libyan and Russian origins.
As of the latest market update, the rebar prices in Lebanon are observed to be around $560 CFR. This pricing structure is indicative of the total cost that the buyer pays, including the cost of the rebar and the freight charges for its delivery to Lebanon.
These days the rebar sourced for the Lebanese market predominantly comes from two key origins - Libya and Russia. The choice of these origins is likely influenced by factors such as quality, supply chain reliability, and cost-effectiveness.
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