Imports of Flat steel in gulf in the United Arab Emirates (UAE) and Saudi Arabia have increased over the past week because of globally strong demand, although this was moderated in the UAE because of a holiday, sources said on November 30 and December 1.
The UAE has a national holiday on December 1-3, so the number of working days were limited in the country this week.
*** Flat steel in gulf , UAE
Offer prices for hot-rolled coil from Ukrainian suppliers were heard during the week at $625 per tonne cfr, and from Chinese suppliers at $650 per tonne cfr.
Buyers were bidding $600 per tonne cfr for Indian HRC.
No deals were heard, however.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE, was $625-650 per tonne on December 1, rising from $580-600 per tonne on November 24.
Suppliers in China sold 1mm hot-dipped galvanized coil with 80g per square meter zinc coating at $710 per tonne cfr UAE.
This price would normalize to $780 per tonne cfr for 1mm thickness and Z275 zinc coating.
India-origin HDG was on offer to the UAE at $840-850 per tonne cfr late in November, although buyers were bidding $830 per tonne cfr. No new prices were heard this week, and no bookings from India were heard.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE, as a Flat steel in gulf was $780-830 per tonne on December 1, narrowing upward from $750-830 per tonne on November 24.
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.
No new prices were heard for cold-rolled coil imports into the UAE this week.
But Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE, was $660-670 per tonne on December 1, increasing in line with rising HRC prices, and up from $630-640 per tonne on November 24.
*** Saudi Arabia
China offered HRC at $660 per tonne cfr, and one buyer believed the workable price to be around $630-640 per tonne cfr.
But no bookings were heard.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia, was $640-660 per tonne on December 1, rising from $590-610 per tonne on November 24.
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