Saudi HRC market declines

In the Saudi Arabian market, Chinese hot rolled coil (HRC) import offers have decreased by about $50-70/mt since last month and domestic HRC prices in the Saudi market have declined accordingly by $55-80/mt. Chinese HRC offers to Saudi Arabia are thus now standing at $580-610/mt CFR for shipments in November and December, while local HRC offers in the country are at $630-660/mt ex-works, for deliveries in November.
 
Demand for HRC in Saudi Arabia is fairly low, while it has been reported that some steel producers in the Middle East have started to halt some of their small production units.