ASIAN MORNING BRIEF 28/12: Turkey rebar demands weakens; Middle East expected to remain prime OCTG market; Chinese HRC market quiet

The latest news and price moves to start the Asian day on Friday December 28.

Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Thursday, capped by a sharp downturn in global stock indices while quiet trading continues to keep volumes low. Read more here in our live futures report.

Here is how prices looked at the most-recent close of trading on Thursday:

The domestic rebar price in Turkey has continued to weaken in line with poor demand, market sources said on Thursday.

Feeding and trial production at Zhuzhou Smelter’s new zinc project located in Shuikoushan, Hunan province started on Wednesday, Fastmarkets MB learned.

The demand for oil country tubular goods (OCTG) and linepipes in the Middle East region is expected to remain strong in the next five years supported by the development of oil and gas drilling and infrastructure, James Ley, principal consultant of Fastmarkets MB research, said at the 22nd Middle East Iron and Steel Conference in Dubai, on December 10-12.

Some participants have started to bet China’s export hot-rolled coil prices will drop following declines in the domestic market amid sparse trading on Thursday.

The Turkish deep-sea scrap import market remained mostly quiet on Thursday due to the holiday period being observed in most regions.