Weak demand for import HRC in Oman

According to market sources, demand for import hot rolled coil (HRC) in the Omani market has remained slack during the past week, while HRC offers from Saudi Arabia and Iran to the Omani market have decreased by $10/mt on the low end and declined by $15/mt on the upper end to $290-315/mt CFR. Market players state that governments in Gulf countries have high budget deficits due to decreasing oil prices and so they are cutting financial support for projects. In addition, Omani buyers are still postponing their import HRC bookings due to year-end issues and high finished steel inventories.