Gulf Flat steel import prices in the United Arab Emirates (UAE) have increased over the past week because of a shortage of hot-rolled coil, sources said on Tuesday November 10.
Local demand was strong for flat steel in India and China as a Gulf flat steel , the main exporters of flat steel to the UAE and Saudi Arabia, so only China made a limited quantity of offers at high prices.
*** GULF FLAT STEEL IMPORT , UAE
Offer prices for HRC as a Gulf flat steel import from Chinese suppliers were heard at $570-575 per tonne cfr, but market participants believed that a workable price would be around $555-560 per tonne cfr.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE, was $560-570 per tonne on November 10, rising from $550-560 per tonne on November 3.
Suppliers in China offered 1mm hot-dipped galvanized coil with 275g per square meter zinc coating at $720-740 per tonne cfr, rising from $710-720 per tonne cfr last week.
India-origin HDG as a Gulf flat steel import was on offer to the UAE at $800-810 per tonne cfr the week before, but no new prices were heard this week.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE, went up to $720-810 per tonne on November 10, rising from $710-800 per tonne on November 3.
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 were heard at $620-630 per tonne cfr but with no fresh bookings.
Therefore, Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE, was unchanged at $620-630 per tonne on November 10.
*** Saudi Arabia
China-origin HRC as a Gulf flat steel import was on offer at $570-580 per tonne cfr Saudi Arabia, but no major bookings were heard.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia, was $570-575 per tonne on November 10, rising from $550-560 per tonne on November 3.
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