Flat steel import prices to the United Arab Emirates and Saudi Arabia continued to increase sharply while buyers were hesitant to make bookings because they were uncertain if prices would stay high, sources told Fastmarkets on Tuesday March 16.
“The market is not absorbing the price increases until now but if the increases continue like this, there would be no other option than to accept,” one trader said.
The market uncertainty has been borne from expectations of an export rebate cut from China – one of the main exporters of flat steel to both countries.
*** Saudi Arabia
Taiwan offered hot-rolled coil (HRC) at $820 per tonne cfr Saudi Arabia, while China-origin HRC was on offer at $820-830 per tonne cfr.
One buyer said he believes the real workable price to be at $810 per tonne cfr, however.
No bookings were heard done, sources said.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $820-825 per tonne on March 16, rising from $770-780 per tonne on March 9.
*** UAE
Market participants in China offered HRC at $820-830 per tonne cfr UAE during the week, while one buyer was bidding at $800-810 per tonne cfr, sources said.
Taiwan offered HRC at $820 per tonne cfr UAE but again no deals were heard.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $810-820 per tonne on Tuesday, rising from $750-760 per tonne on March 9.
Hot-dipped galvanized coil (HDG) import prices also increased sharply in the UAE during the week following price hikes in India and China – the two main exporters of HDG to the UAE – sources said.
Fastmarkets’ weekly assessment for steel hot-dipped galvanized coil export, fob main port India (0.50mm thickness, with Z140 coating) was $1,080-1,090 per tonne on March 12, rising from $980-990 per tonne on March 5.
Fastmarkets’ weekly price assessment for steel galvanized coil 1mm export, fob main port China (1mm thickness, with Z120 coating) was $845-860 per tonne on March 16, widening from $850 per tonne on March 9.
India offered HDG of 0.50mm thick with Z275 coating at $1,120-1,130 per tonne cfr UAE, rising sharply from $۹۷۰-۹۸۰ per tonne cfr last week.
One buyer was reported to be bidding at $1,100 per tonne cfr for India-origin HDG.
China’s market participants offered HDG at $940-960 per tonne cfr, rising from offers at $900-910 per tonne cfr last week but no bookings were heard.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $940-1,100 per tonne on March 16, rising from $900-960 per tonne on March 9.
Cold-rolled coil (CRC) was on offer to the UAE at $840-850 per tonne cfr, rising from offers at $810 per tonne cfr last week.
Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE was $840-850 per tonne on Tuesday, rising from $800-810 per tonne on March 9.
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