Import HRC prices rise further in Oman despite anticipations of decline

Although prices were expected to register downward movement in the Omani flat steel market, import hot rolled coil (HRC) prices have continued their upward momentum. Accordingly, Russian May production HRC offers to the country have moved up by $5/mt since last week to $615-625/mt CFR for advance payment and exclusive of VAT. However, given the further weakening in demand, the new prices have also failed to gain the acceptance of local market players, just like the previous offers.