Flat steel demand and prices have softened in the UAE domestic market with the start of Ramadan. Flat steel offers have decreased by $10-30/mt, while market players indicate that these declines were expected. While flat steel demand has weakened gradually, local traders who have stocked up and believe that demand will improve after Ramadan seem ready for the post-Ramadan period.
In the UAE domestic market, traders are now offering hot rolled coils (HRC) at $630-650/mt, cold rolled coil (CRC) at $740-760/mt, while their hot dip galvanized (HDG) coil prices are standing at $825-850/mt, all for deliveries to customers in late August for advanced payments.
On the other hand, HRC import offers to the UAE are now standing at $600-610/mt CFR Dubai, while plate import offers are at $640-660/mt CFR Dubai, both for advance payment and for September shipments.