Gulf Flat steel import prices in the United Arab Emirates (UAE) increased over the past week because of a hot-rolled col shortage, sources said on Tuesday November 3.
Local demand for Gulf Flat steel in India and China – which are the main suppliers of flat steel to the UAE and Saudi Arabia – has been strong recently, so there have only been limited offers of flat steel to the Gulf region at high prices.
*** Gulf Flat steel , UAE
Offer prices for hot-rolled coil from Asian suppliers had been around $550 per tonne cfr. But market participants said they now expected new offers from India to come it at around $550-560 per tonne cfr because of strong demand in India’s domestic market.
Saudi Arabia was offering HRC at $600 per tonne delivered to the UAE,, but buyers said that price was too high for the current market conditions.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $550-560 per tonne on November 3, rising from $540-550 per tonne on October 27.
Suppliers in China were offering 1mm hot-dipped galvanized coil with 275 gram-per-square-meter zinc coating at $710-720 per tonne cfr, rising from $700-710 per tonne cfr last week.
And India-origin HDG was on offer to the UAE at $800-810 per tonne cfr last week, with no new prices were heard this week.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $710-800 per tonne on November 3, narrowing upward from $700-800 per tonne on October 27.
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.
Offers of cold-rolled coil offers into the UAE from China were at $620-630 per tonne cfr over the past week, with no fresh bookings confirmed.
Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE pushed up to $620-630 per tonne on November 3, from $600-610 per tonne on October 27.
*** Saudi Arabia
China-origin HRC was on offer in Saudi Arabia at $560-570 per tonne cfr, and one buyer believed deals could be made at around $550-560 per tonne cfr.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $550-560 per tonne on November 3, unchanged week on week.
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