Flat steel import prices in the United Arab Emirates and Saudi Arabia have increased over the past week, although demand was only moderate, sources told Fastmarkets on Tuesday July 21.
Demand was subdued because of the upcoming Eid Al-Adha religious holiday at the end of July. But prices went up because of high offers.
India stopped offering flat steel to the UAE toward the end of last week and UAE market participants expected new offer prices to be higher.
UAE HRC***
Offer prices of hot-rolled coil (HRC) from India were heard in the UAE at $480-490 per tonne cfr, with buyers bidding $460 per tonne cfr. And Japan offered HRC at $490 per tonne cfr.
But no major deals were heard.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE, was $460-480 per tonne on July 21, up by $22-30 per tonne from $438-450 per tonne on July 14.
Chinese suppliers were offering 1mm hot-dipped galvanized coil (HDG), with 275g per square meter zinc coating, at $610-620 per tonne cfr this week, up from the previous offers at $580-590 per tonne cfr.
And India-origin HDG was offered to the UAE at $680-700 per tonne cfr, unchanged from last week.
But again, no bookings were heard.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE, was $610-680 per tonne on July 21, up by $30 per tonne from $580-650 per tonne on July 14.
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.
Meanwhile, cold-rolled coil was offered at $530-535 per tonne cfr from China to the UAE, but no deals were heard.
As a result of the higher offers, however, Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE, was $530-535 per tonne on July 21, rising from $520-525 per tonne on July 14.
Saudi Arabia HRC***
Import offer prices for HRC in Saudi Arabia were heard at $490-500 per tonne cfr from India, compared with $460-470 per tonne in the previous week, despite the lack of deals.
But Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia, was $460-490 per tonne on July 21, rising by $10-30 per tonne from $450-460 per tonne on July 14.
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