It is observed that demand for hot rolled coil (HRC) in the United Arab Emirates (UAE) has decreased further from its already weak levels over the past month. In the Ramadan period, when overall steel demand is traditionally at low levels in the UAE, UAE-based buyers are monitoring global flat steel and raw material prices while they postpone their purchases.
Market sources do not expect a significant recovery in HRC demand in the UAE after Ramadan due to the summer season, but still a slight revival is foreseen after the end-of-Ramadan holiday.
Meanwhile, import HRC offers to the UAE have remained stable month on month with Chinese and Indian HRC offers to the UAE standing at $550-555/mt CFR and $560/mt CFR, respectively.