Saudi Arabian flat steel demand remains weak, better situation in UAE

In this week's Saudi Arabian flat steel market, although local demand has remained weak, domestic prices have increased slightly.
 
Saudi Arabian local flat steel producer Hadeed is offering hot rolled coil (HRC) to its domestic market at $700-710/mt ex-works, while traders' HRC prices are at the price range of $710-720/mt ex-warehouse. Both price levels indicate an increase of $10/mt as compared to last week. In the meantime, Hadeed's local cold rolled coil (CRC) offers are standing at $840-850/mt ex-works. Flat steel transactions in Saudi Arabia are not expected to see a revival before the end of this year.
 
On the other hand, flat steel demand in the United Arab Emirates (UAE) is currently better than in Saudi Arabia. While transactions continue at a normal pace, HRC import offers to the UAE have remained unchanged at last week's price range of $620-640/mt CFR. However, market players state that prices may increase in the coming days and market activity is foreseen to improve in January.