Flat Rolled Steel Trading in The United Arab Emirates Is Slow

Flat rolled steel trading in the United Arab Emirates is slow on account of reduced working hours during Ramadan. Some import offer prices to the country have decreased from late July. Steel Business Briefing is informed by sources that the market is unlikely to pick up until mid-September. The UAE was previously offered hot rolled coil imports in late July at $680-700/t cfr. Current HRC offers to the country are pegged at $680-725/t cfr. However, Far Eastern suppliers especially are very aggressive and are giving discounts on large orders, sources note. HDG was being offered to the UAE at $920-1,000/t cfr in late July. Current offers are $890-950/t cfr, mainly from India and the Far East. Domestic producer Al Ghurair is offering HDG to local off-takers at $950/t, similar to July. However, the company has lowered its export price from $950/t fob in July to $930/t fob. UAE traders believe there might be a shortage of material in September as stock levels are low and some suppliers of imports will have maintenance shut downs during that month. Traders also believe that prices will stay strong due to high raw material costs. Source: steelbb.com