According to market sources, the declines in the Omani flat steel market have continued without pause over the past two months. Ex-CIS hot rolled coil (HRC) offers to Oman are found to be higher compared to Chinese and Indian offers to the country. In particular, the price levels of Chinese and Indian HRC offers to Oman have drawn very close to each other during the same period due to strong competition between Chinese and Indian suppliers.
Over the past two months, HRC offers from China to Oman have decreased by $35/mt to $460/mt CFR, for delivery in February.