According to market sources, demand for hot rolled coil (
HRC) in the Omani market is still weak due to Ramadan. With Omani buyers' starting inquiries ahead of the end-of-Ramadan holiday, long-anticipated adjustments in
HRC prices have been seen during the past week. Chinese and Iranian
HRC offers from to Omani market have declined by $15/mt over the past week to $380/mt CFR, for September production. However, market sources state that
HRC offers to the country may decline further in the coming period amid ongoing negotiations.