Flat steel import prices in the United Arab Emirates and Saudi Arabia remained stable in the seven days to Tuesday September 15 due to a combination of limited demand and relatively high raw material prices.
Most market participants said they believe prices will remain stable or increase further in the coming days, supported by the raw material costs.
Fastmarkets’ daily index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao was $142.80 per tonne on Tuesday, rising from $139.40 per tonne on September 9 and $137.60 per tonne on September 1.
***Offer prices for flat steel from India
Offer prices for hot-rolled coil from India and Japan were heard in the UAE at $540-550 per tonne cfr but no deals were heard this week. About 10,000 tonnes of Indian HRC was booked at $540 per tonne cfr last week. Saudi Arabia offered HRC at $550 per tonne cfr UAE. As a result, Fastmarkets’ weekly price assessment for steel HRC, import, cfr Jebel Ali, UAE was $540-550 per tonne on Tuesday, unchanged week on week.
Chinese suppliers were offering 1mm hot-dipped galvanized coil (HDG) with 275g per square meter zinc coating at $670-680 per tonne cfr during the week, unchanged since last week. India-origin HDG was offered to the UAE at $760-770 per tonne cfr, and two market participants said $750 per tonne cfr was a “workable” price for the product. These factors kept Fastmarkets’ weekly price assessment for steel HDG, import, cfr Jebel Ali, UAE stable at $670-750 per tonne on Tuesday.
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. Cold-rolled coil was offered at $600-605 per tonne cfr from China to the UAE, unchanged since last week.
No deals were heard over the assessment period. As a result, Fastmarkets’ weekly price assessment for steel CRC, import, cfr Jebel Ali, UAE was $600-605 per tonne on September 15, also unchanged week on week.
*** Saudi Arabia
Import offer prices for HRC in Saudi Arabia were heard at $550 per tonne cfr from India and $550-560 per tonne cfr from Taiwan. But no bookings were heard. Fastmarkets’ weekly price assessment for steel HRC, import, cfr Saudi Arabia was unchanged at $545-550 per tonne on September 15.
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