GULF FLAT STEEL IMPORTS: Prices mostly stable, demand remains weak

Flat steel import prices in the United Arab Emirates and Saudi Arabia were mostly stable over the past week, with demand remaining limited, sources told Fastmarkets on Tuesday November 6.

Hot-rolled coil from Russia was on offer to the UAE at $560-565 per tonne cfr, with one buyer bidding $550 per tonne cfr.

Chinese HRC was on offer at $580 per tonne cfr.

But buyers were not willing to book material because of weak end-user demand.

Fastmarkets’ weekly price assessment for HRC imports in the UAE was unchanged at $550-580 per tonne cfr on November 6.

Cold-rolled coil was on offer at $640-645 per tonne cfr from China, but no major deals were heard.

Fastmarkets’ weekly price assessment for CRC imports into the UAE was also unchanged at $640-645 per tonne cfr on Tuesday.
Offers for 1mm hot-dipped galvanized coil from China were $700-710 per tonne cfr, while similar material from India – which has been approved for use by the authorities in the UAE – was on offer at $780-790 per tonne cfr.

Fastmarkets’ weekly price assessment for HDG imports into the UAE was unchanged at $700-780 per tonne cfr on Tuesday.

Locally produced HDG in the UAE was on offer at $820 per tonne ex-works.

Saudi Arabia
Fastmarkets’ weekly price assessment for Saudi Arabian HRC imports was $550-570 per tonne cfr on Tuesday, down from $560-580 per tonne cfr last week.

Chinese HRC has been on offer in Saudi Arabia at $570-590 per tonne cfr, but demand has remained poor.

Buyers were bidding $550-560 per tonne cfr for Chinese HRC.

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