Imported HRC market in UAE slowed down this week. Indian mills have withdrawn from the overseas markets after the announcement of export duty @ 15% on finished steel products, including HRCs, on Saturday 21 May. A deal of 6,000-7,000 t of Indian-origin HRC at $860-870/t CFR, was concluded in the middle of last week.“The market is perplexed. Chinese mills are seeing this as an opportunity to increase prices, but there is no demand to support it,” said a UAE-based reliable source.
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