Saudi Arabia & UAE: HRC Market yet to pickup

Even after the Muslim holidays, Saudi Arabia and UAE industrial demand for HR coils and HR flats has still not recovered. Most of the trading companies are holding sufficient stocks and showing less interest on buying product from abroad. However it has been noted that imported steel prices has been increased mainly by China. Foreign suppliers are expecting market to improve in September.

On low demand in market UAE producer have cut down their prices by USD 10-25/MT.

It is noted that Saudi Arabia's leading steel manufacturer, Hadeed Saudi Iron & Steel Company (SABIC) is offering 2 mm HR coils at USD 628-640/MT for October delivery. 

However Egyptian 2 mm HRC has been offered at USD 35-65/MT down to domestic material and so offered at USD 560-565/MT on CFR basis. 

Same material in east of country domestic material is leading the market; also China HRC is available at almost same price. Whereas, Korean suppliers offering competitive prices. So South Korea has got good demand from UAE for good quality and some buyers traded at USD 585-595/MT CFR but it is expected that booking of material will slow down if there is any rise in import price.