In the UAE flat steel market, although some hot rolled coil (HRC) import offers for March shipments had reached $700/mt CFR in past weeks, these offers have declined recently due to the low demand in the domestic market. This week's HRC import offers from different sources to the UAE flat steel market are standing at $660-690/mt CFR Dubai, while the highest offers are from India and Russia at $680-690/mt CFR Dubai. On the other hand, cold rolled coil (CRC) import offers for March shipments to the UAE are at $750-770/mt CFR Dubai.
Chinese producers, who have just returned to the market from the Spring Festival, are expected to offer HRC to the UAE at the range of $670-680/mt CFR Dubai.
While demand has remained quiet in the UAE flat steel market, transactions are scarce in the market, limited to regular purchases of end-users. In the event of actual transactions in the market, buyers are bargaining with producers to conclude purchases at the best prices. However, since producers are not willing to give discounts, they are facing difficulties in collecting orders.