In the Saudi Arabian domestic flats market SABIC production HRC prices are at the level of SAR 2,000/mt ($534/mt) ex-works, the same producer's CRC prices are at SAR 2,500/mt ($667/mt) ex-works, while its HDG prices are at SAR 2,800/mt ($747/mt) ex-works. All prices are for April output.
Meanwhile, Severstal production offers for 2.0 mm HRC are at the price levels of $415-420/mt CFR Dammam, while MMK production offers for the same product are at $405-410/mt CFR Dammam; both offers are for July shipment and from Russian traders. Also South Korea origin 2.0 mm HRC offers are at $430-440/mt CFR Damman for May shipment.
Traders mention that the destocking process of end-users is about to reach its conclusion, with the impact likely to start to be felt in the market within one or two months.
Although no change has been observed in terms of local production flats prices, it is heard that discounts of $40-50/mt may be seen for actual deals.
US$1 = SAR 3.74576