August Steel Futures saw a slight upward change, equal to $2.5/mt, during the last week (July 14-20), settling at the level of $1,554/mt. The weekly volume on Steel Futures was 79 lots carrying a value of $1.24 million. The Open Interest on the Steel Futures for the week in question was 165 lots.
Meanwhile, the offers in the physical market remained unchanged during the week ended July 20 as compared to the previous week. Thus, Turkish rebar was offered for export at the level of $1,380-1,400/mt FOB on actual weight basis for September shipment for markets other than the US and Persian Gulf markets. Moreover, offers in the domestic markets of Saudi Arabia and the UAE retained their previous levels as well.
During the week in question, the local offers for 8 mm rebar in the Saudi Arabian market remained at the price level of SAR 5,600/mt ($1,495/mt), offers for 12 mm were at SAR 5,300/mt ($1,415/mt), while 16 mm and above were offered at SAR 5,350/mt ($1,429/mt), ex-works, including five percent VAT, on a theoretical weight basis and with 30-60 day deferred payment.
As for the UAE market, the imported rebar price in the local UAE market varied in a range of AED 5,800-5,900/mt ($1,579-1,606/mt) delivered to site, on a theoretical weight basis with 3-4 month deferred payment, showing no change compared to the previous week.