The Gulf flat steel import market in the United Arab Emirates and Saudi Arabia was in a state of uncertainty in the week to Tuesday March 9, with buyers expecting prices to rise because of high production costs, sources told Fastmarkets.
The main cause for concern was the prospect of an export tax rebate cut in China, which is one of the main exporters of flat steel to both countries.
Offers from India, another key exporter of flat steel to the UAE and Saudi Arabia were also limited because Indian mills preferred to watch the market before making offers.
In addition, buyers in the UAE and Saudi Arabia already made several flat steel bookings last week, so have preferred to wait on the sidelines this week.
*** Saudi Arabia
No new offers or deals were heard to Saudi Arabia this week, but the expectation was that prices will increase because of strong global demand.
Two sources expected the hot-rolled coil import prices to Saudi Arabia at about $770-780 per tonne cfr, while another source believed prices will be stable in the short term because of uncertainty in the global markets.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $770-780 per tonne on March 9, widening upward from $770-775 per tonne on March 2.
*** UAE
India offered HRC at $750 per tonne cfr UAE earlier in the week, but then stopped offering the product.
*** HRC
Buyers in the UAE put the HRC import price at around $750-760 per tonne cfr.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $750-760 per tonne on March 9, rising from $730-745 per tonne on March 2.
*** HDG
There was little activity in the hot-dipped galvanized coil market in the UAE over the past week.
Indian HDG, 0.50mm thick with Z275 coating was on offer at $970-980 per tonne cfr UAE, widening downward from $975-980 per tonne cfr last week.
One buyer was bidding at $950-960 per tonne cfr for Indian HDG, sources said.
Chinese HDG was on offer at $900-910 per tonne cfr, unchanged from last week, but no bookings were heard.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $900-960 per tonne on Tuesday, unchanged week-on-week.
*** Cold-rolled coil
Cold-rolled coil was on offer to the UAE at $810 per tonne cfr, while buyers said $800-810 per tonne cfr would be a workable price.
Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE was stable at $800-810 per tonne on March 9.
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