Continuously sliding prices of hot rolled coil (HRC) over
the past few weeks have failed to spur a significant rise in sluggish demand
which dominates the Middle East markets, in reflection of the situation in
international markets.
Offers from China and the CIS have shed anything between $40
and $75/MT during October, but the bulk of buyers are holding their orders as
they seek bottomed up prices.
For most of the Middle East, however, trading is bound to
remain thin up to the end of Al- Adha feast holidays in the second week of
November, and probably longer.
Turkish HRC export offers were made last week at an average
of $660/MT FOB, but this did not drive demand from European buyers, especially
with domestic prices already falling in Italy and Spain by euro 25-35
($35-$50)/MT over the past few weeks.
Meanwhile, thinner HRC – of around 1.4 mm – is offered at
around $730 per ton CFR Dubai from India.
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