Gulf Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia mostly edged down over the past week amid limited demand, sources said on Tuesday October 20.
*** GULF FLAT STEEL , UAE
Offer prices for hot-rolled coil from suppliers in India remained steady week on week at $525-535 per tonne cfr, with market participants putting the workable price for India-origin HRC as a GULF flat steel at around $520-525 per tonne, although no significant transactions were heard over the past week.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $520-525 per tonne on October 20, down from $525-530 per tonne on October 13.
Suppliers in China continued to offer 1mm hot-dipped galvanized coil with 275-gram-per-square-meter zinc coating at $680-690 per tonne cfr, while India-origin HDG was on offer to the UAE at $780-800 per tonne cfr, unchanged since last week.
Buyers said $670-680 per tonne cfr was a workable price for Chinese HDG.
The slight increase in offers from India was due to strong demand for GULF flat steel in the country’s domestic market, according to the sources.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $670-780 per tonne on October 20, widening downward from $680-780 per tonne on October 13.
The price difference between material from China and India reflects the fact that India-origin HDG is quality assured and certified for use in the UAE by the authorities there.
Cold-rolled coil offers into the UAE from China, meanwhile, were heard at $595-600 per tonne cfr, with no fresh bookings, leaving Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, as a gulf flat steel unchanged at $595-600 per tonne on October 20.
*** Saudi Arabia
Offer prices for imported HRC in Saudi Arabia came in at $530-540 per tonne cfr, although the market has been fairly quiet over the past week, sources said.
Two buyers were bidding $525 per tonne cfr for the product.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $525-530 per tonne on October 20, falling from $530-535 per tonne on October 13.
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