HRC prices soften in Saudi Arabian market

Local steel producers in the Saudi Arabian domestic flat steel market have reduced their hot rolled coil (HRC) offers by $30/mt under the influence of transaction prices for imported materials. Meanwhile, HRC demand has remained on the weak side amid the seasonal conditions and Ramadan, while cold rolled coil (CRC) and hot dip galvanized (HDG) demand are at moderate levels.
 
Accordingly, HRC prices in the Saudi Arabian market are currently standing at $685-740/mt ex-works, while CRC prices are at $785-850/mt ex-works, HDG coil prices are at $850-870/mt ex-works and pre-painted galvanized iron (PPGI) prices are at $900-995/mt ex-works, all are excluding VAT, for advance payment and for August-September deliveries.
 
In the meantime, HRC offers from Japan and China to Saudi Arabia are at $650-660/mt +VAT CFR for advance payment and for September shipments.