Ex-China flat steel prices in UAE increase, domestic offers soften

This week, although import flat steel offers from China to the UAE have increased by $5-10/mt as compared to last week with the influence of rising iron ore prices, these offers have still remained competitive enough to keep pressure on the domestic market. Thus, this situation has resulted in weak demand in the region and causing local prices in the UAE to soften.
 
Accordingly, hot rolled coil (HRC) offers in the UAE market have decreased by $10/mt as compared to last week, while cold rolled coil (CRC) quotations have declined by $20/mt and hot dip galvanized (HDG) prices have softened by $5-30/mt to a narrower range.
 
In the UAE domestic market, traders are currently offering HRC at $590-610/mt, CRC at $700-720/mt, while their HDG coil prices are standing at $800-805/mt, all for deliveries to customers, for advanced payments and for October shipments.
 
On the other hand, HRC import offers from China to the UAE are now standing at $560-570/mt CFR Dubai, while plate import offers are at $580-595/mt CFR Dubai. Both prices, which exclude VAT, are for advance payment and for November shipments.