In the UAE flat steel market, transaction activity has continued to accelerate this week.
Iin the UAE flat steel market, hot rolled coil (HRC) offers from India stand at the price range of $630-640/mt CFR, while HRC offers from Ukraine are at $610-615/mt CFR, both for January rolling. These offers have gained acceptance in the UAE market. In the meantime, commercial quality steel plate import offers to the UAE are standing at $680-100/mt CFR. Import flat steel prices to the UAE are expected to move upwards in the coming weeks, due to increased demand and livelier market conditions.
In the meantime, flat steel demand is now weaker in the Saudi Arabian market, as compared to previous weeks.
In the Saudi domestic market, local producer Hadeed is offering HRC to its domestic market at $690-700/mt ex-works, while traders' HRC prices in the local market are at $700-715/mt ex-warehouse. Back in late October, Hadeed's local HRC offers were at $780/mt ex-works. In Saudi Arabia, market players expect that the flat steel market in the country will follow a sideways trend up to the end of this year. However, early next year, demand is foreseen to strengthen and prices will rise as a result of increased transactions.