Gulf flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia went up over the past week with higher offers and bids, market sources saidG on Tuesday January 12.
Buyers believed that offer prices were too high and asked for discounts, but sellers did not accept the lower bids. As a result, no deals were heard.
“Bookings are very slow in the UAE due to the heavy increase in prices,” one trader said. “Buyers are not accepting the high prices. Everyone is waiting.”
Gulf flat steel , UAE ***
China offered hot-rolled coil to the region at $800-830 per tonne cfr UAE, with buyers bidding $770 per tonne cfr.
India-origin HRC was offered to the UAE at $850 per tonne cfr, with buyers bidding $800 per tonne cfr for such product.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE, was $770-800 per tonne on December 12, rising from $730-770 per tonne on January 5.
The market for hot-dipped galvanized coil was also slow, with no deals heard because bid prices were not accepted.
China offered 1mm-gauge HDG at $970-980 per tonne cfr UAE, while India offered HDG at $1,050-1,070 per tonne cfr UAE.
One buyer was bidding $1,010-1,020 per tonne cfr for Indian HDG, while another buyer believed that $1,000-1,010 per tonne cfr would be a workable price.
Fastmarkets’ weekly price assessment for steel HDG, import, as Gulf flat steel , cfr Jebel Ali, UAE, was $970-1,020 per tonne on Tuesday, rising from $890-1,000 per tonne on January 5.
Cold-rolled coil was offered to the UAE at $900 per tonne cfr from China during the week.
India offered CRC at $940-950 per tonne cfr, and one buyer was bidding $910-920 per tonne cfr.
Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE, was $900-920 per tonne on January 12, rising from $800-810 per tonne on January 5.
The reasons for the sharp increases in prices were that no new prices were heard in the UAE market last week and prices had been unchanged between December 29 and January 5.
Saudi Arabian HRC buyers also did not make any new bookings this week because of the high prices.
China offered HRC to Saudi Arabia at $810-830 per tonne cfr, with bids heard at $770 per tonne cfr.
India’s offers for HRC to Saudi Arabia were heard at $850 per tonne cfr, with bids at $810-820 per tonne cfr.
Fastmarkets’ weekly price assessment for global steel HRC, import, as Gulf flat steel , cfr Saudi Arabia, was $770-820 per tonne on January 12, rising from $750-770 per tonne on January 5.
Reference: metal bulletin
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