Daily Steel News - 11 Mar 09

High tensile deformed steel bars from Thailand due to arrive into Malaysia via Bkt Kayu Hitam Border
A steel bars importer which was nominated by MBAM to import steel bars sometime in Nov 08 has successfully obtained certificate of approval from CIDB for the importation of deformed steel bars into Malaysia.

LME Mediterranean billet price hits all-time low
Mediterranean cash buyer prices hit $250/tonne on 9 March, down around $40/t over the course of a week and a new low point for the one-year old contract. Three-month buyer prices also fell from around $290/t to $250/t from 3 March to 9 March, according to the exchange. One LME member says the billet contract "took a bit of a belting because of a lack of liquidity," adding that "we've got reasonably large buy orders below $250/t and as soon as the price creeps up people are cashing out." The fizzling out of the "Chinese rebound" has also contributed to downward sentiment, traders tell SBB, but they do not believe prices will remain this low for long.

Dubai steel market extremely slow
Rebar is priced around AED 1,750-1,800/t ($476-490/t), with lower prices available in the market, and demand is reported to be extremely slow.