Weak demand in local UAE hot rolled coil market as Ramadan approaches

According to market sources, demand in the local United Arab Emirates (UAE) hot rolled coil (HRC) market is still very weak this week. Market players state that demand for HRC has fallen significantly during the past two weeks in the UAE and is expected to remain weak in the coming period due to Ramadan. Meanwhile, ex-China HRC offers to the UAE market have decreased by $10/mt over the past two weeks to the range of $370-390/mt CFR for August production.