Flat steel prices for imports into the United Arab Emirates and Saudi Arabia decreased during the week ended Tuesday June 29, but demand was better because of low stock levels, Fastmarkets was told.
Some market participants expected flat steel prices to increase because of Russia’s recently proposed export duty.
Russia will impose a base 15% export duty on 340 metal products, including hot-rolled coil, from August 1.
These duties will probably result in reduced availability of HRC in the global markets, and higher prices, sources told Fastmarkets.
Saudi Arabia
Hot-rolled coil has been offered at $940-950 per tonne cfr from China to Saudi Arabia, falling from offers at $1,000 per tonne cfr last week.
India offered HRC at $1,000-1,010 per tonne cfr, down from offers at $1,060-1,080 per tonne cfr last week. But buyers were bidding $970-980 per tonne cfr for Indian HRC.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia, was $940-980 per tonne on Tuesday, falling from $980-1,060 per tonne on June 22.
UAE
Hot-rolled coil was booked from China at $895-900 per tonne cfr during the week, at prices lower than the offer prices at $960-980 per tonne cfr last week.
India did not offer any such material, but buyers believed $970-1,000 per tonne cfr to be a workable price for Indian HRC.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE, was $895-980 per tonne on June 29, falling from $960-1,030 per tonne on June 22.
Hot-dipped galvanized coil import prices into the UAE also decreased during the week.
Chinese HDG was on offer at $1,160-1,170 per tonne cfr for 1mm-gauge Z275 coated coil, falling from offers at $1,220-1,260 per tonne cfr heard last week.
One HDG booking was made from China at $1,100 per tonne cfr during the week.
Indian 1mm HDG with Z275 coating was on offer at $1,460-1,470 per tonne cfr UAE, unchanged since last week.
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.
Two buyers believed $1,400 per tonne cfr to be a workable price for Indian HDG.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE, was $1,100-1,400 per tonne on June 29, widening downward from $1,220-1,400 per tonne on June 22.
Cold-rolled coil from China was offered to the UAE at $950-960 per tonne cfr, and one booking was made at $940 per tonne cfr.
The weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE, was $940-950 per tonne on June 29, falling from $990-1,050 per tonne on June 22.
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