HRC prices soften slightly in Oman amid low demand

Hot rolled coil (HRC) demand which was expected to soften with the approach of Ramadan has slowed down in Oman over the past two weeks. Local market players consider this sluggishness ahead of Ramadan to be normal. In the meantime, HRC prices in Oman have softened by $5-10/mt due to low demand. Both prices of and demand for HRC will likely recover rapidly in the Omani domestic market after Ramadan.
 
SteelOrbis has learned from market sources that CIS and Indian origin July rolling HRC import offers to Oman are currently standing at $615-625/mt + VAT CFR, for advance payment, and indicating a decline of $5/mt as compared to last week.