Some flat steel import prices in the United Arab Emirates and Saudi Arabia moved up again this week, although demand was moderate, sources told Fastmarkets over the week to Tuesday September 8.
Some deals for flat steel imports were heard done at higher levels over the assessment week, which sources said were primarily for restocking purposes, Fastmarkets heard.
*** UAE
Offer prices for hot-rolled coil (HRC) from India were heard in the UAE at $540-550 per tonne cfr, up from $535-540 per tonne cfr last week following higher global prices, sources said. For example, Fastmarkets’ steel hot-rolled coil index export, fob main port China was $522.21 per tonne on September 8, rising from $517.89 per tonne on September 1. About 10,000 tonnes of Indian HRC was booked at $540 per tonne cfr during the week, trading sources told Fastmarkets..
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $540-550 per tonne on September 8, rising from $530-540 per tonne on September 1 Chinese suppliers were offering 1mm hot-dipped galvanized coil (HDG) with 275g per square meter zinc coating into the UAE at $680 per tonne cfr during the week and managed to sell product at $670 per tonne cfr UAE. India-origin HDG was on offer to the UAE at $750-770 per tonne cfr, down from $770-780 per tonne cfr offered last week, sources said.
*** The price difference between material from China and India
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. Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE was $670-750 per tonne on September 8, falling from $680-750 per tonne on September 1.
The reason behind decreasing HDG prices, while HRC prices climb, is weaker demand for the product in global markets, UAE-based sources told Fastmarkets. Cold-rolled coil was offered at $600-605 per tonne cfr from China to the UAE, rising from $590-595 per tonne cfr offered last week but no deals were heard, sources said. As a result, Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE was $600-605 per tonne on September 8, rising from $590-595 per tonne on September 1.
*** Saudi Arabia
Import offer prices for HRC in Saudi Arabia were heard at $545-555 per tonne cfr from India and $555-560 per tonne cfr from Japan, however, no bookings were heard done, sources said. Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was $545-550 per tonne on September 8, widening upward from $540-550 per tonne on September 1.
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