May 2012 | Seamless Steel Tube & Pipe
Billet import prices fall across the GCC: Europe, Middle East and Africa Market Analysis
In 2011, the MENA region accounted on average for 87% of Turkey’s total billet exports, ranging between 48% and 99%.
Since mid-March, Turkey’s billet export price has fallen $20/tonne FOB. Over the same time period, the GCC’s billet import price has fallen $35/tonne CFR. This indicates that seamless prices may lose momentum over the coming months as buyers look to take advantage of mills’ falling costs. We also believe that billet buying activity may take a step back as well, due to rising inventories. In March 2012, total billet imports into the UAE, Morocco, and Saudi Arabia grew. With falling prices since that time, we can infer that demand has taken a step back. MBR also expects that with the slowing momentum in billet, seamless tube and pipe production and consumption may also be in retreat. In 2011, the MENA region accounted on average for 87% of Turkey’s total billet exports, ranging between...
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