In reaction to demand rises, gulf flat steel import prices in the United Arab Emirates and Saudi Arabia rose this week. Market players had returned from Eid Al-Adha festivities in the second half of the evaluation season, so demand was modest due to the holidays at the end of last week.
Last week offer rates for HRC from India were heard in the UAE at $490-500 per ton CFR, and buyers were bidding $470-480 per ton CFR. In the same time, Chinese offer rate was around $500-505 CFR. But in this first week of August, price keeps the momentum of increase due to situation that major Chinese increased offers by $10-15 per ton to $500-515 per ton FOB China for SS400 HRC. This will absolutely affect the price in many markets including gulf flat steel import prices by more $10-$15.
In particularly mentioning to flat steel products, the flow of procurement PPGL and GI from China and India to countries upon on GCC markets is restricted due to safe guard and likely to face anti-dumping controls. Moreover, China first time became a net importer of steel raw materials and China’s absorption rate was higher than the general market average; product prices are also prone to such fluctuations.
Nevertheless, due to the impact of previous period’s covid, India’s steel mills are still reducing their output by 25-30%, so the supply to India is currently limited. As well as in the half of July, the mills had stopped taking more orders.
In the conventional to that, Vietnam sources has become one of the optimal choices for buyers in GCC markets; in particular for Pre-Painted Galvalume Steel Coil (PPGL) and Galvanized Steel Coil (GI). At MRS Steel, we supply PPGL and GI with a wide range of dimensions. If you are looking to import steel coils from Vietnam with high-quality and competitive price, please feel free to contact me at:
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