The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.

On the other hand, strong local demand in the Indian market prompted buyers to expect price increases.


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Buyers in the UAE and Saudi Arabia therefore preferred to wait for a clearer price direction before placing major new orders.

Saudi Arabia

India offered hot-rolled coil at $980-1,000 per tonne cfr Saudi Arabia, widening downward from last week's offers at $990-1,000 per tonne cfr.

One buyer assessed the workable price at $960-970 per tonne cfr.

Taiwan offered HRC at $980-1,000 per tonne cfr Saudi Arabia for 2mm thickness.

No major deals were heard.

Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $970-980 per tonne on November 2, narrowing from $960-990 per tonne on October 26.

UAE
Hot-rolled coil was offered from India at $980-1,000 per tonne cfr UAE during the week, narrowing upward from $980-1,010 per tonne cfr offered last week.

Saudi Arabia offered HRC at $930-940 per tonne cfr, rising from offers at $920-930 per tonne cfr last week.

No major deals were heard.

Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $930-980 per tonne on Tuesday, narrowing upward from $920-980 per tonne on October 26.

Hot-dipped galvanized coil import prices to the UAE widened upward during the week.

India offered 1mm thick HDG with Z275 coating at $1,195-1,220 per tonne cfr UAE and offers from China were at $1,170-1,190 per tonne cfr.

No major deals were heard.

Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $1,170-1,195 per tonne on November 2, widening upward from $1,170-1,175 per tonne on October 26.

Cold-rolled coil was offered at $1,050-1,070 per tonne cfr from India, unchanged from last week.

No new prices were heard from China, who offered CRC to the UAE at $1,050-1,070 per tonne cfr last week.

No deals were heard.

The weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE was unchanged at $1,050-1,070 per tonne on November 2.