All quiet in Middle East flat rolled market

The flat rolled steel markets in the Middle East continue to remain quiet under the impact of the holiday and Ramadan season. Buying activity is almost nonexistent.
 
Hot rolled coil offers in the UAE market are at around $730-760/mt CFR levels. Even though demand is low, the quantity of import offers made to this region is increasing. Offers from China were at $740-750/mt CFR levels in the previous weeks; however, recently revised offers are heard to be made at around $760-770/mt CFR levels. 
 
It is reported that offers above $760-770/mt CFR levels are not acceptable in the UAE. Russian producer MMK has offered hot rolled coils to the Middle East at $700-710/mt FOB levels, and, given the freight rate at about $70/mt for the destination in question,  this price considered to at $770-780/mt on CFR basis  is currently found too high on the buyers' end.
 
Demand in Saudi Arabia is quite slow, while price levels in the Saudi domestic market as well as import offers are on the rise. Last month, offers by Hadeed for September delivery were at $760-770/mt ex works, while the hot rolled coil price level from the mill this month have moved up to $790-800/mt. Offers to the region from the Far East for 1.2 mm hot rolled coils are heard to be standing at $830-850/mt CFR.
 
In the flat rolled steel markets of the Middle East, demand continues to remain weak as expected throughout Ramadan, with no revival anticipated before September.