Sweden asks China to cooperate over severed cables    Childcare worker who abused more than 60 girls jailed for life    Indian airlines hit by nearly 1,000 hoax bomb threats    Georgia postpones EU membership bid until 2028    K-Pop group NewJeans split from agency in mistreatment row    Lulu opens new store in Al Fakhriyah, Dammam as it further strengthening its presence in Saudi Arabia New Lulu stores are set to open in Makkah and Madinah    Defending the Truth: Saudi Arabia and the 2034 World Cup    UNCCD COP16 will witness ministerial dialogues to address global land degradation The conference to host first dual-track dialogue on environmental issues    Culture minister visits Diriyah Art Futures    Saudi Arabia calls for enhanced international cooperation to address water sector challenges    GCC Preparatory Ministerial Meeting discusses developments in Gaza and Lebanon    RCRC Chief: Riyadh Metro, featuring environmental sustainability, will improve quality of life and revolutionize transportation    Saudi Arabia hosts over 13 million foreign residents from 60 countries, says human rights official    Al Taawoun seals AFC Champions League Two knockout spot with 2-1 win over Al Khaldiya    Elon Musk publicizes names of government employees he wants to cut    Al-Jasser: Riyadh Metro to accommodate one million passengers daily    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Best-selling novelist Barbara Taylor Bradford dies    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MENA urged to increase steel output capacity to cut imports
Published in The Saudi Gazette on 06 - 10 - 2012

CASABLANCA – Arab countries need to build more steelmaking capacity to satisfy growing demand from investments in residential housing and infrastructure, and reduce their heavy reliance on imports, according to the Arab Iron & Steel Union (AISU)'s regional director in Egypt Adel Hussein.
Saudi Arabia, for example, has increased crude steel output from 4.67 million metric tons (m.t.) in 2008 to an estimated 6.9 million m.t. in 2012 but the country still suffers from a billet deficit and sees growth in rebar imports as new construction projects accelerate.
Local producers SABIC, Al Tuwairqi and Rajhi Steel will produce an estimated 7.4 million m.t. of billet in 2012, leaving an added requirement of 2.5 million m.t. to be imported, Hussein said at the AISU summit in Casablanca.
A similar situation can be seen in other Arab Gulf nations, he said.
The Gulf is forecast to invest some $285 billion in new construction projects between now and 2016, which will require around 47.5 million m.t. of steel, according to Hussein, meaning imports are likely to continue in the near future.
North Africa, meanwhile, could reverse a decade of stagnation as Algeria, Morocco and Tunisia are likely to see growth.
In 2001-02, the region's output was three times that of Gulf states but by 2012, estimated output was at 9.6 million m.t., 4 million m.t. below the Gulf's anticipated output of 13.6 million m.t.
North Africa's relatively low current steel per capita consumption is less than 100 kg, indicating significant room to grow for steelmakers.
In 2012, MENA countries are forecast to produce 23.2 million m.t. or 1.45 percent of the world's crude steel.
Meanwhile, the export offers from traditional European suppliers dropped further owing to slow rebar demand in the Middle East market at present. Rebar offers from South Europe are heard at around $620-635 per ton CFR, decreasing by about $10-15 per ton WoW and $35-50 in the past 15 days.
In Saudi Arabia, Qatar Steel rebar export offers to Saudi are steady at around $720 per ton CPT due to government price regulations. Turkish mills have been selling at around $590 per ton CFR Jeddah.
In UAE, amid slack rebar demand and less construction activity, Emirates Steel Industries (ESI) is reported to have dropped its rebar price by $40 per ton MoM. The new price is $630 per ton EXW for October production.
Qatar Steel is offering rebar in the UAE market at around USD630-635 per ton CPT.
Conares is heard as offering at $625-630 per ton EXW.
In Iraq, CIS rebars to Iraq are heard at around $680-690 per ton CPT Baghdad.
Turkish rebars are reported at around $690-700 per ton CFR, which reflects a price drop of around $15-20 per ton in the past two weeks.
In Lebanon, Turkish rebar offers are heard at around $605-610 per ton CFR but buyers are not ready to accept this price level.
In Turkey, Kardemir has reduced its prices by around USD20-25 per ton and is now offering at $590-595 per ton EXW amid poor domestic demand. Local mills are reported offering rebars at $585-600 per ton EXW.
ArcelorMittal Annaba was offering rebars at about $660-680 per ton EXW last week.
In Egypt, amid low inventories, rebar bookings are heard to have picked up.
Buyers have reported that Turkish rebars to Egypt are now offered at around $600-610 per ton CFR. The prices are forecast to drop by another $5-10 per ton in the coming weeks.
CIS rebar offers are reported at around USD600-605 per ton CFR.
Last week, local rebar producer prices were quite high when compared to CIS and Turkish material at around $640-660 per ton EXW. However, owing to the competition, they had to cut the prices by around $30-40 per ton and the new prices are heard at around $610-620 per ton EXW. – SG/Agencies


Clic here to read the story from its source.