How did the prices in the Middle East markets progress last week?

With the restriction of oil production by OPEC in Iran, the excess oil supply in the global market has been eliminated and the oil price remained stable in the 80-dollar range. Therefore, the relationship between oil and billet cannot reduce the selling price to less than $480. However, the decrease in demand in the world market has recently reduced the billet price to about $520 per ton. The government increased the price to 1% and decreased it to -5% through the stock market. Even last week, despite this policy, the billet price required to be supplied from 181,000 ($354.90) Rials decreased to 179,000 ($350.98) Rials. The aim of the government's policies puts pressure on the manufacturer to lower the price. As a result of this policy, the trader withdraws and this policy continues until the producer has liquidity resistance. Since the rolling mill does not sell the rebar, there is no billet purchase, and the billet producer cannot supply the sponge iron. Although most factories did not have enough stock, the atmosphere created by the government caused buyers to sit and caused the price to drop. As a result, the latest price of Iran's export billet fell from $570 to $520. In addition, the fall in the exchange rate and the decrease in seasonal demand caused the slab price decline.

Billet imports of Saudi Arabia increased in the first ten months of 2022 and totaled 1.15 million tons. This figure is compared to Saudi Arabia's annual billet imports of 785,658 tons and 617,204 tons in 2021 and 2020, respectively.

Saudi Arabian rebar prices in different sizes decreased by -0.36% - 1.46% in March compared to February. Billet and Hrc prices decreased in Saudi Arabia last week. Billet prices went from $608 to $602 and Hrc prices from $783 to $775.

In Egypt, prices for sheet metal (from $ 980 to $ 1,207), rebar (from $ 1,100 to $ 1,129) increased, while prices for billet (from $ 670 to $ 605) decreased.

Algeria Mining Manal, which operates in the mining sector, achieved an export value of 216 million dollars, with an increase of 110% in export value this year compared to 2021.

This year, South Africa achieved an export income of 1.93 million dollars, showing an increase of 12.5% compared to the January and February period of 2022 in basic metal and metal products. Import value of the same products decreased by 6.1% monthly to 391.78 million dollars.