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Thursday, March 22, 2018

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Middle East Steel News

Saudi Arabia: Saudi Steel Pipe Co. swings back to profit in 2017 supported by higher sales revenue
Saudi Arabia: National Committee for Steel Industry launches new website
Iran: Mineral exports down by 3 pct YoY in the first eleven months of Iranian fiscal year
UAE: RTA extends tender closing date for Dubai Creek bridge
Kuwait: Kuwait plans to build new USD 12 bln airport

Global Steel News

China: Rebar futures extend losses amid slow demand; iron ore futures slightly up
China: Angang Iron & Steel to revamp continuous slab caster
India: JSW Steel considers bidding for Essar Steel
India: Vizag Steel to hit record 5 mln tons output this fiscal year - executive
India: Increased coal usage in Indian steel sector poses threat for carbon reduction - Moody's
Japan: Crude steel output declined by 0.5 pct YoY in February 2018 - JISF
United States of America: US may delay imposing steel tariffs on countries negotiating exemption
United States of America: Graftech International plans to go public
Australia: BHP expects steel growth in India and South East Asia to boost iron ore demand


New (Renewed) Steel Companies on MEsteel
Company Country Steel tons handled per year (kt) Brief Description
K.D. INDUSTRIES INC. FZE UAE 50-100 Manufacturer of M.S. & G.I. Pipes,Tubes, Sheets & Plates.

Middle East Steel News

Saudi Steel Pipe Co. swings back to profit in 2017 supported by higher sales revenue
Saudi Arabia

Saudi Steel Pipe Co. reports SAR 19.09 mln (USD 4.3 mln) profit in 2017 as compared to SAR 45.13 mln loss in 2016 YoY, according to the annual financial statement. Company said that 15 pct increase in sales revenue is the main factor behind the turnaround in fortunes.

Company said in the statement that the net profit for the year 2017 was achieved despite lower sales of commercial pipes compared to previous year and the decrease in income of an associate company (Global Pipe Company) by an amount of SAR 9.72 mln.

Statement further added that recognizing impairment loss of SR 23.62 mln for the remaining balance of an investment (Chemical Development Company) as compared to impairment loss of SR 43 mln recognized during previous year and lower net loss of SR 6.17 mln of subsidiary company (TSM Arabia) as compared to net loss of SR 10.92 mln for previous year have also improved the company's financial position.

Saudi Steel Pipe Co. is one of the leading Saudi companies in the field of welded steel pipes industry since its foundation in 1980.The company has been known as the first manufacturer for steel pipes in the Kingdom and the largest producer of welded steel pipes manufactured by high-frequency induction welding to serve multiple uses that meet the needs of the oil and gas, water and construction sectors in the region and other markets.

The current yearly production capacity of the company is 340,000 tons of steel pipes with sizes ranging from (1/2 - 20) inches. The company also owns a factory for hot induction bending pipes with the capacity of 30,000 tons in various diameters ranging from (2-64) inch and wall thickness up to 120 mm.

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National Committee for Steel Industry launches new website
Saudi Arabia

The National Committee for Steel Industry (NCSI), a non-profit committee created by Council of Saudi Chambers, has launched its new website (www.ncsi.org.sa).

According to the press release, the aim of its new website is to serve the steel sector of Saudi Arabia and provide up to date information of interest in the technical, commercial and advisory domains.

The NCSCI aims to address the challenges faced by steel sector as well as to create viable environment for investment and employment. Committee will also stress on developing culture of industrial and communal responsibility. NCSI is also committed to support the Saudi Vision 2030 which aims to reduce country's reliance on oil income and diversify its economy.

Press release further added that NCSI is the official representative of the steel industry in dealing with government and media entities in the Kingdom, within the context of full coordination with the Council of Saudi Chambers and its national committees.

Last year in November, NCSI elected Eng. Raed bin Abdullah Al Ajaji of Unicoil as Chairperson, Abdulaziz bin Ali Al Hudaib of Rajhi Steel and Mohammed bin Saleh Al Jabr, an independent consultant, as Vice Chairpersons. Executive Committee also includes representative from Rajhi Steel, Solb Steel, Yamamah Steel, Qaryan Steel and Al Ittefaq Steel.

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Mineral exports down by 3 pct YoY in the first eleven months of Iranian fiscal year

Iran exported more than 58.09 mln tons of mineral products worth over USD 8.39 bln during the first 11 months of the current fiscal year (March 21-Feb. 19), down 3pct in tonnage and up 6pct in value compared with last year's corresponding period.

Imports during the same period stood at 10.04 mln tons worth USD 5.02 bln, registering a 75pct and 34pct growth in tonnage and value respectively year-on-year, according to the Iranian Mines and Mining Industries Development and Renovation Organization.

Mineral exports accounted for 49.3pct and 20.1pct of Iran's total exports while imports made up 29.6pct and 10.5pct of total imports in terms of volume and value respectively.

Direct-reduced iron had the highest growth among all exported and imported minerals in both volume and value. Its exports rose 260pct and 63pct YOY to 658,138 tons worth USD 169 mln. DRI imports jumped by 21,243pct and 6,959pct YOY to 32,190 tons valued at USD 8.9 mln.

Semi-finished steel took the lion's share of exports in terms of value as 8.27 mln tons worth USD 3.12 bln were shipped overseas, up 34pct and 20pct YOY in volume and value respectively.

Iron ore came next with 17.18 mln tons worth USD 931 mln. The volume of shipments dropped by 8pct and value rose 31pct respectively YOY.

Pottery, brick, ceramic and tile shipments followed with 6.01 mln tons worth USD 887.1 mln, down 34 pct in trade volume and value YOY. These were followed by cement with 14.12 mln tons valued at USD 525.6 mln, up 6pct and 2pct in volume and tonnage respectively.

Other exported mineral commodities during the 11-month period included steel products with 675,959 tons worth USD 514.7 mln, copper with 383,733 tons worth USD 431.3 mln, zinc with 166,809 tons worth USD 351.2 mln, stones with 5.57 mln tons worth USD 319.3 mln, aluminum with 175,598 tons worth USD 316 mln, lead with 122,011 tons worth USD 208.5 mln and direct-reduced iron with 658,138 tons worth USD 169 mln.

The export of ferroalloys reached 28,968 tons worth USD 51.5 mln, molybdenum 3,882 tons worth USD 39.7 mln, precious minerals (gold, silver, etc.) 57 tons worth USD 31 mln, chrome 142,444 tons worth USD 25.3 mln, coal 189,080 tons worth USD 28 mln, alumina powder 105,227 tons worth USD 10.8 mln, nickel 91 tons worth less than USD 500,000, titanium 226 tons worth USD 400,000, mica 127 tons worth USD 200,000, antimony 24 tons worth less than USD 100,000 and "other minerals" registered 4.26 mln tons worth USD 408.7 mln.

As for imports, semi-finished steel also had the largest share among Iran's imports of mineral commodities in terms of value in the period, as 3.33 mln tons worth USD 1.96 bln were imported, up 1pct and 16pct in tonnage and value respectively YOY.

Steel products followed with 537,616 tons worth USD 724.4 mln, down 7pct in volume and 4pct in value YOY.

Copper came next with 50,294 tons worth USD 237.4 mln, up 730pct and 533pct YOY.

Iran is home to 68 types of minerals with more than 37 bln tons of proven reserves and 57 bln tons of potential reserves.

According to the United States Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves. Overall, Iran is home to more than 7pct of global mineral reserves.

Major Iranian miners produced an aggregate of 317.94 mln tons of ores and mineral products during the 11-month period, registering a 12pct growth YOY.

Production in the 11th fiscal month to Feb. 19 also saw a 19.38pct YOY rise to 29.75 mln tons.

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RTA extends tender closing date for Dubai Creek bridge

Dubai's Roads and Transport Authority (RTA) has extended the tender closing date for the contract to build the Infinity Bridge crossing Dubai Creek to 29 March.

It is understood that at least four contractors had been preparing to submit bids on the previous 22 March closing date. The companies are: Spain's Acciona, the local Al-Naboodah Contracting Company, the local/Belgian Belhasa Six Construct, and Beijing-based China State Construction Engineering Corporation.

Dubai wants the Infinity Bridge to be another architectural landmark for the emirate. It will be a box girder bridge with a decorative Infinity arch that offers minimal structural functionality. The bridge will have a total length of about 300 metres with 15 metres of clearance above the waters of the Creek. It is expected that it will take 24 months to build.

The Infinity Bridge will be built near to the mouth of the Creek. It is part of the larger Shindagha Corridor scheme that runs through Bur Dubai and Deira.

Tenders for the construction of bridges connecting to Deira Islands, which is being developed by Nakheel, are scheduled to be opened on 27 March.

The US' Parsons is the consultant for the Shindagha Corridor scheme and the Infinity Bridge.

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Kuwait plans to build new USD 12 bln airport

Kuwait is considering the construction of a new airport in the country's north at a cost of USD 12 bln, according to the country's civil aviation chief.

Sheikh Salman Sabah Salem Al-Hamoud Al-Sabah made the comments on Tuesday at an investment forum, according to state news agency KUNA.

He said the country was expected to see rapid growth in passenger and air cargo traffic over the next 20 years and could need a new aviation hub.

The new airport would include passengers' buildings, runways an aircraft control tower and a cargo area, with an estimated annual capacity of 25 million passengers a year.

Sheikh Salman indicated the most appropriate construction method would be through public private partnership with a private sector consortium building, operating and managing the facility.

Around USD 12 bln would be required for construction and the airport could create 15,000 new jobs for the country's youth, he said.

Plans for the new airport come as Kuwait International Airport continues to suffer from traffic congestion.

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Global Steel News

Rebar futures extend losses amid slow demand; iron ore futures slightly up

Chinese steel futures dropped on Thursday amid worries over weak demand for the metal amid rebar inventories that have hit their highest in nearly five years.

Steel demand typically improves from mid-March in China after a slowdown for the week-long Lunar New Year holiday - also known in China as Spring Festival - with construction projects picking up as temperatures rise.

But the slow recovery of steel demand this year after the holiday and the National People's Congress has raised concerns that demand could remain weak and force traders to sell off their stocks, which would accelerate the fall in prices.

"If demand doesn't pick up over the next two weeks, steel traders may give up resistance and sell off," said Zhao Chaoyue, an analyst with Merchant Futures in Shenzhen.

Rebar inventories held by traders in big cities rose to 9.79 mln tons by March 16, the highest since April 2013.

The most active rebar on the Shanghai Futures Exchange fell 0.7 pct at 3,619 yuan (USD 572.78) a ton by the close.

Iron ore on the Dalian Commodity Exchange rose 0.9 pct to 466.5 yuan a ton.

Coke inched up 0.2 pct to 1,964.5 yuan a ton. Coking coal fell 1.9 pct to 1,275.5 yuan.

Iron ore for delivery to China's Qingdao port gained 31 cents to USD 67.25 a ton on Wednesday.

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Angang Iron & Steel to revamp continuous slab caster

Angang Iron & Steel Group Co., a Chinese steel producer, has awarded Primetals Technologies an order to modernize the twin-strand continuous slab caster CCM1 in steel works no. 3 at its Anshan plant. The objectives of the project are to improve the product quality and productivity, and also to increase the flexibility of the processing of different steel grades and casting formats. The casting plant will be equipped with modern equipment and technology packages, including DynaGap Soft Reduction to improve the interior quality of the slabs. In order to minimize shutdown times, the project planning attached particular importance to a quick implementation. The modernization is scheduled for completion in the third quarter of 2018.

Angang Iron & Steel Group Co. is located in Anshan in Liaoning Province. It has an annual production of more than 33 mln tons (2016), and is one of China's leading steel producers. Steel works no. 3 in Anshan employs a conversion route through a basic oxygen converter, ladle furnace and RH plant. It has an annual capacity of five mln tons and supplies two casting plants. Continuous slab caster CCM2 has already been modernized by Primetals Technologies and has been back in successful operation since July 2015.

Twin-strand continuous slab caster CCM1 in steel works no. 3 has a production capacity of 2.5 mln metric tons per annum. Its machine radius is nine meters and metallurgical length 36 meters. The caster produces slabs with a thickness of 230 mm in widths ranging from 990 to 1,550 mm. The maximum casting speed is 2.1 meters per minute. The plant casts ultra-low carbon to high carbon steels, peritectic, deep drawn and HSLA steels, as well as micro-alloyed, low-alloyed and silicon steels.

The modernization project includes equipping continuous slab caster CCM1 with a new tundish car and a new tundish with LevCon mold level control. The straight cassette-type Smart Mold is equipped with the Mold Expert breakout detection system, DynaWidth for automatic width adjustment, and the DynaFlex mold oscillator. Bender and Smart Segments as well as I-Star rollers are used in the strand-guiding system.

The Dynacs secondary cooling system dynamically calculates and controls the temperature profile along the entire strand. This enables the working points of the strand cooling, and thus the final strand solidification, to be determined precisely as a function of the casting speed, slab format and steel grade. DynaGap Soft Reduction is used to improve the interior quality of the slabs. The roll gap is dynamically adjusted during the final solidification in accordance with the operating points calculated by Dynacs. This minimizes segregation in the center of the strand. The secondary cooling uses DynaJet spray cooling with a center/margin setting.

Primetals Technologies will handle the basic engineering of the tundish, the ladle shroud, the dummy bar system, the supporting structure and the maintenance stands, as well as the detailed engineering for the shroud manipulator, the tundish car, mold and mold oscillator, the segments of the strand-guiding system, the secondary cooling and the dummy bar. The automation system and the consulting services for the construction and commissioning are also part of the order.

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JSW Steel considers bidding for Essar Steel

JSW Steel is keen to participate in the rebidding process for Essar Steel.

The Essar bidding is poised to be the biggest in the current round of auction of stressed steel assets and is likely to involve anywhere between INR 45,000-50,000 crore.

The Sajjan Jindal company reportedly sent a letter to Satish Gupta, the resolution professional for Essar Steel backed by Alvarez and Marsal, a few days ago expressing its interest to bid for Essar Steel.

A top source in the JSW Group confirmed the move but refused to share details or comment on the development.

However, a source associated with the group said the company is exploring every possible option to join the race for Essar.

"We are looking at various possibilities including joining a consortium to help us in the bid," the person said. Incidentally, JSW Steel has been an enthusiastic bidder for a number of stressed steel assets.

It emerged as the sole bidder and is set to acquire Monnet Ispat with a resolution plan worth INR 3,750 crore.

It, however, lost out in the race for Bhushan Steel, a company it was very interested in, to Tata Steel.

While JSW bid INR 29,700 crore for Bhushan Steel, Tata Steel's bid was much higher at around INR 35,000 crore.

In case of Bhushan Power and Steel, JSW was pipped to the post by Tata Steel which bid INR 24,500 crore against JSW's bid of INR 13,000 crore.

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Vizag Steel to hit record 5 mln tons output this fiscal year - executive

The Rashtriya Ispat Nigam Limited - Visakhapatnam Steel Plant (VSP) for the first time is going to touch the five mln tons production mark by the end of the current fiscal year, said its Chairman and Managing Director P. Madhusudan.

About the overall production, he said after increasing the production capacity from 3 mln tons to 6.3 mln tons, the plant had almost reached 5 mln tons.

Also, the sales turnover was going to cross INR 16,000-crore mark for the first time registering a growth of 35pct.

"In the coming fiscal year, the plant's capacity and production are going to increase by one mln tons and about 1.3 mln tons respectively and will reflect in the production of more than 7 mln tons," Mr. Madhusudan said.

Globally the steel market had been dull in the last three to four years and this year we could see recovery signals during the past four months and the demand would go up, he said.

"This year the plant registered an EBITDA margin (operating margin) of about INR 200 crore which is INR 400 crore more than the last year's margin of INR 200 crore", he added.

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Increased coal usage in Indian steel sector poses threat for carbon reduction - Moody's

Global rating agency Moody's today said that Indian steel industry is yet to introduce more stringent emission regulations, and an increase in coal usage poses a serious limitation to the potential for carbon reduction.

The global steel industry's progress in reducing emissions and energy use continues to be limited. The challenge for the industry will be to lower carbon intensity at a time when demand for steel is forecast to grow 31 pct by 2030, from 2016 levels.

The World Steel Association reports CO2 intensity has increased by more than 10 pct, to 1.9 tons per ton of steel manufactured over the past decade, while energy intensity has fallen modestly.

Under the Paris agreement India has agreed to reduce the emissions intensity of its GDP by 33 to 35 pct by 2030 from 2005 levels. India has yet to introduce more stringent emission regulations. We expect measures to be introduced, but they could be more gradual given India's abundant supply of iron ore, which could delay the shift to electric arc furnaces (EAF's), Moody's Investors Service said in its report here.

Potentially offsetting the benefits of China's rationalisation is the expected doubling of Indian steel production by 2030, challenging the industry's efforts to correct overcapacity and reduce carbon intensity.

The International Energy Agency (IEA) projects India's share of energy dedicated to steel making will rise to 29 pct by 2040, up from 21 pct in 2013, while energy consumed by the industry is set to more than quadruple over the same period.

India's anticipated steel growth is due to the country's rapid urbanisation, large infrastructure needs, and an increasing preference for steel and cement over materials such as clay bricks. Steel making is likely to become less carbon intensive as new mills are built and more scrap becomes available, however coal is expected to remain the dominant energy source for the sector, the report said.

Increased coal usage poses a serious limitation to the potential for carbon reduction within the Indian steel industry, since the steel sub-sector is the largest industrial energy user in India and also the source of the largest forecast increase in industrial energy use over the period to 2040. In addition, the imposition of tariffs under Section 232 on steel imported into the US is likely to result in some capacity restarts.

Steel-makers across the globe are facing increasing pressure to reduce greenhouse gas emissions. Efforts to decarbonise the global economy will bring greater scrutiny to the energy and carbon intensity of the steel sector, which is responsible for 6-7 pct of global emissions. Yet the industry's carbon intensity will likely continue to rise through 2020, coinciding with a period of strong demand growth, Moody's said.

According to the IEA, China's steel production will begin to decline as its industrial activity switches to higher-technology in coming years, falling about 30 pct by 2040 from 2015 levels. At that level, China would account for only 30 pct of global production in 2040, down from almost 50 pct today, it said.

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Crude steel output declined by 0.5 pct YoY in February 2018 - JISF

Japan's crude steel output in February dropped 0.5 pct from a year earlier to 8.3 mln tons, snapping three straight months of gains, but this could be short-lived as local demand remains solid, the Japan Iron and Steel Federation said.

The crude steel output, which is not seasonally adjusted, decreased 8.1 pct from January.

"The year-on-year decline is small and is a temporary phenomena," said a researcher at the Federation.

"We think steel production is still on the recovery after suffering from glitches at some steel plants last year," he said, adding domestic steel demand from automakers and construction customers remains strong.

Japanese steelmakers are enjoying the best market conditions in at least three years. Steel prices have risen on increased production by automakers, while construction is in full swing for Tokyo's 2020 Olympics and a series of redevelopment projects in the Tokyo metropolitan area.

Nippon Steel & Sumitomo Metal Corp and JFE Holdings Inc are making hefty investments in ageing domestic plants as problems at their plants have prevented them from producing as much steel as they would have liked.

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US may delay imposing steel tariffs on countries negotiating exemption
United States of America

The Trump administration indicated it could delay imposing steel and aluminum tariffs on some nations while negotiations are taking place for a more permanent exemption, U.S. Trade Representative Robert Lighthizer said.

The USTR office is actively discussing exemptions at the request of the European Union, Australia and Argentina, and similar talks are expected with a "great number" of other nations including Brazil, Lighthizer said during a briefing to the House Ways and Means Committee. The goal is to wrap up the talks over exemptions by the end of April, Lighthizer said.

"I believe that countries will get out as we come to agreement, that some countries will be in a position where the duties will not apply to them in the course of the negotiation," he said. "For example Canada and Mexico, but others. So you don't have a situation where you have the status quo, 25 pct tariff, and then they get out and there's kind of bump and it changes real commercial relationships."

However, Lighthizer later added that this is the approach to country exclusions he's considering, and that tariffs may start as scheduled for some countries seeking relief. President Donald Trump announced the tariffs March 8, and they're expected to take effect on Friday.

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Graftech International plans to go public
United States of America

GrafTech International, a manufacturer of graphite electrodes used in steelmaking, is set to become a public company once again.

The company indicated in a filing with the U.S. Securities and Exchange Commission that it intends to raise up to USD 100 mln in an initial public offering.

GrafTech, which was founded in 1886, notes in the filing that its electrode products are "essential to the production of electric arc furnace (or EAF) steel and other ferrous and non-ferrous metals."

The filing indicates that GrafTech recorded USD 550.7 mln in sales for 2017, up from USD 437.9 mln in 2016. The company said it had net income of USD 7.9 mln in 2017 compared with losses of USD 235.8 mln in the prior year.

In SEC filing, the company said "three major developments" have repositioned it, along with the entire graphite electrode industry, "for long-term growth and significantly improved our financial and operating results." Those developments are "the restructuring and repositioning of GrafTech" "the return of the EAF steel industry to long-term growth, leading to improved demand for graphite electrodes;" and "structural changes in the graphite electrode and petroleum needle coke industries."

The company noted, for instance, that it has "achieved annual fixed manufacturing cost improvements and capital expenditure reductions of approximately USD 190 mln since 2012, while also improving the productivity of our plant network."

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BHP expects steel growth in India and South East Asia to boost iron ore demand

Miner BHP Billiton is sticking with its mantra of further growth to projected peak steel demand next decade, and focus on additional steel raw materials demand cantered in Asia, it said Wednesday.

BHP, which is preparing to develop the new 80 mln tons per year South Flank iron ore mine, expects new blast furnaces at steel mills in India, Vietnam, Malaysia and Indonesia to boost demand for the commodity.

Chinese steel demand may be spurred by the Silk Road-based land and maritime networks as the industry cycle turns to steel and metals demand in the building blocks for renewables projects, and less polluting high grade commodities.

BHP expects "emerging Asia to drive long-term steel demand," according to a presentation prepared by BHP's Western Australia Iron Ore president Edgar Basto.

Emerging Asia, including India and Southeast Asian countries, may account for 1.7pct compound annual growth in steel demand between 2016 and 2026, with China's demand already closer to peaking, it said. As China turns more to ferrous scrap for steelmaking, new blast furnaces demanding coke and iron ore may help compensate after BHP shipped over 1 bln tons of iron ore to China and Japan.

In Switzerland, BHP CEO Andrew Mackenzie said that additional steel demand of 150 mln tons may be generated by China's Belt and Road initiative over the next decade.

"As steel mills and copper smelters transition to more energy efficient and less carbon intensive technology, structural premiums will emerge for higher quality iron ore, metallurgical coal and copper concentrates," Mackenzie said in prepared remarks released by BHP.

BHP is the world's third-largest iron ore producer, and with leaders Vale and Rio Tinto, the three companies are benefiting from low mining and logistics costs and portfolios with medium and higher grade iron ore fines and lump.

BHP said high grade iron ore, grading at more than 65pct Fe, remains in high demand. Growth in low grade iron ore supply has tracked deteriorating relative price spreads for 58pct Fe ores.

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Currency Converter

Country USD EURO
EU 0.81 -
USA - 1.22
China 6.32 7.77
Egypt 17.60 21.62
Iran 37,598 46,193.80
Pakistan 113.2 139.1
Saudi 3.74 4.60
Turkey 3.92 4.82
UAE 3.67 4.51

Metal Prices 21-Mar-18

Product Cash 3 Mons.
Nickel 13.320 13.320
Tin 20.740 20.650
Zinc 3.222 3.225
Source: LME.co.uk

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