Yemen’s Mukalla factory imports rebar from Türkiye amid cost challenges
Yemen's Mukalla iron and steel factory has been importing rebar from Türkiye due to rising shipping and insurance costs following a ship hijacking incident in the Red Sea. To mitigate these costs, the factory made strategic purchases from Turkish suppliers. Despite the higher prices, the situation has stabilized, with Türkiye's updated price lists for Yemen now at $723, $710, $736, and $748. Yemen's domestic market also experienced changes, with the price of Yemeni rebar increasing by two dollars to $646 per metric ton.
Recent developments in Oman's steel industry
The steel industry in Oman has witnessed significant developments recently, with key players like Jindal Shadeed Iron and Steel (JSIS) making substantial contributions.
Jindal Shaded Factory in Oman has been a significant contributor to the rebar market. Recently, their newly established sales office, "Jindal Panther," penetrated the Yemeni market, offering rebar at $660 per metric ton.
In the Oman domestic market, rebar prices have seen fluctuations:
Muscat Steel Rebar (12-32 mm) is priced at $649/mt EXW.
Jindal Shadeed Rebar (12-32 mm) has increased by $10, now standing at $688/mt EXW.
This upward trend reflects improving domestic demand in Oman.
Oman billet imports are currently priced at CFR 515-520$ per metric ton. These imports are essential for fulfilling the local steel production requirements.
In the domestic scrap market, the price for scrap stands at $395 per metric ton.
Oman’s steel industry, bolstered by companies like Jindal Shadeed Iron and Steel, continues to thrive.
The benchmark mill, Jindal Shadeed Iron and Steel, is expected to release March-readiness semi-finished steel and finish long products export prices soon
Tosyali Algeria implements pricing adjustment for rebar and wire rod products
In a strategic decision,Tosyali Algeria, a leading steel manufacturer, has announced a significant adjustment in the pricing of its rebar and wire rod products. Effective immediately, Tosyali Algeria is setting the price of its rebar and wire rod at $720 per metric ton, ex-works (EXW).
This decision comes as Tosyali Algerie is in the midst of a capacity expansion project, which commenced in 2022 and is set to conclude by 2025. The fourth phase of this ambitious project aims to enhance production capabilities and meet growing demand in the region.
This week, significant fluctuations have been observed in the steel market of the United Arab Emirates (UAE).
In a remarkable development, the price of rebar has experienced a substantial hike, increasing by 15 USD. This surge has propelled the price of rebar to $740 per metric ton, ex-works (EXW). The sudden rise in rebar prices reflects growing demand and supply constraints within the UAE market.
Conversely, the price of hot-rolled coils (HRC) has witnessed a downturn, decreasing by 10 USD. HRC is now priced at $630 per metric ton, marking a notable shift in pricing . The decline in HRC prices may be attributed to fluctuations in global steel markets and adjustments in supply chains.
Moreover, the decline in HRC prices may offer relief to industries facing margin pressures, enabling them to capitalize on cost efficiencies and maintain competitiveness in their respective markets.
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