Hot rolled coil (
HRC) demand which was expected to soften with the approach of Ramadan has slowed down in
Oman over the past two weeks. Local market players consider this sluggishness ahead of Ramadan to be normal. In the meantime,
HRC prices in
Oman have softened by $5-10/mt due to low demand. Both prices of and demand for
HRC will likely recover rapidly in the Omani domestic market after Ramadan.
SteelOrbis has learned from market sources that
CIS and Indian origin July rolling
HRC import offers to
Oman are currently standing at $615-625/mt + VAT CFR, for advance payment, and indicating a decline of $5/mt as compared to last week.