Increased flat steel prices fail to gain acceptance in UAE

Flat steel demand in the UAE domestic market has remained weak, while local prices have moved up by $30/mt since last month, with import offers increasing by $15-20/mt, against the background of the global uptrend of flat steel prices. Meanwhile, the new offer levels in the UAE market have failed to gain acceptance by local buyers. Market players point out that demand has become weaker especially after the increases in prices, but indicate that prices will likely drop to their previous levels if the new offers fail to attract attention soon. 
 
In the UAE domestic market, traders are now offering HRC at $580-610/mt +VAT, CRC at $720-730/mt +VAT, while their HDG coil prices are now standing at $820-830/mt +VAT, all for deliveries to customers, for advanced payments and for December shipments.
 
On the other hand, HRC import offers from Russia and Ukraine to the UAE are now standing at $560-585/mt CFR Dubai, while their plate offers are at $590-610/mt CFR Dubai. Both price ranges, which exclude VAT, are for advance payment and for January shipments.