Market sources state that demand in the Omani flat steel market is still weak. Flat steel prices in the Omani market have declined by $20/mt over the past week, following Russian dealers' announcement of their new offer levels to the country. Prices in the Omani flat steel market have come under downward pressure due to renewed price competition between Russian and Chinese suppliers.
Meanwhile, Chinese hot rolled coil (
HRC) offers to
Oman have declined by $20/mt over the past week to the range of $390-400/mt CFR, for July production. On the other hand, Russian
HRC offers for June production are at $395-405/mt CFR.