Due to a surge in energy & input costs, four Pakistani mills, i.e., Ittehad Steel, Agha Steel, Mughal Steel, and Amreli Steel, have raised the rebar offers by PKR 6000-7000/MT or $29-34/MT. Offer prices of G-60 rebar have reached PKR 228,000-231,000/MT ($1110-1125/MT).
Due to less demand in China, iron ore spot prices have declined by $4.95/MT to $136.60/MT CFR China.
Exports of Brazilian iron ore have pushed down by 3.82% in May compared to last year. It has exported 25.52 million tons as compared to 26.54 million tons. The average prices of iron ore are $109.80/MT.
In South Korea, the hike in petroleum prices has stopped the wheel of truck drivers in the Pohang hub of the steel industry. They have a demand to increase payments. Strikes have slowed down productivity. Aggregate loss of different sectors, i.e., steel, cement, petrochemical & automobile industry, is $ 1.2 billion.
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