It is observed that import flat steel buyers in the United Arab Emirates (UAE) have continued to conclude purchases only in line with their needs over the past two weeks, causing demand to remain at low levels. Market sources state that demand is not expected to revive in the short term, while it may decrease further amid the approach of Ramadan, a traditionally slow period in the UAE.
Since global iron ore prices have remained relatively and as domestic finished steel demand in China has been at good levels, Chinese hot rolled coil (HRC) offers to the UAE have increased by $15/mt to $550-555/mt CFR over the past two weeks. Meanwhile, Indian HRC offers to the same destination have remained stable in this period at $550-560/mt CFR.