Slack demand in local UAE hot rolled coil market

According to market sources, demand in the local United Arab Emirates (UAE) hot rolled coil (HRC) market is still slack this week. Market sources state that UAE-based HRC traders are seeking to reduce their stock levels ahead of Ramadan, thereby exerting strong downward pressure on prices. Accordingly, ex-China HRC offers to the UAE market have decreased by $10/mt over the past two weeks to the range of $380-400/mt CFR for August production.