BRIEF FLURRY OF GULF BUSINESS SETS STAGE FOR REBAR RISES

摘要

The Persian Gulf has provided the setting for the first upwards price movement of note in months, as buyers briefly returned to the market in a bid to replenish dwindling stocks before cold winter weather sends freight rates skywards. Turkish mills drove the price movement in debar at the beginning of the month, releasing small tonnages at progressively higher prices through last week until buying topped out at around 615 dollars per tonne cfr, although some mills looked for as much as 620 dollars. "Turkish offers kept going up through the week," said one trader. "It started out with a limited tonnage at 600 dollars cfr Dubai and rose progressively, although there were hardly any bookings when they pushed it as high as 615 dollars."