In line with the negative trend prevailing in the global raw material and steel markets in past weeks, Emirati buyers have continued to exert pressure on foreign suppliers of hot rolled coil (HRC). Being mostly silent in response to the offers, the buyers have been pushing sellers to decrease prices further in order to attract their buying interest.
This week, ex-India SAE1006 2 mm HRC offers have been heard at $950-975/mt CFR, for July shipment, down $15-30/mt from the levels in the latest bookings done last week. Meanwhile, ex-China SAE1006 HRC prices have declined below $900/mt CFR versus the widespread $940-960/mt CFR levels last week. However, no fresh deals have been reported yet.
The latest transaction has been heard for ex-Taiwan SAE 1006 HRC at $950/mt CFR last week.
Overall, trading activity in the GCC region has remained constrained due to Ramadan.