BURSA, Turkey Steel import offer prices to the United Arab Emirates (UAE) remain largely unchanged since last week due to weak demand ahead of the Aug. 8-10 Muslim holiday of Eid-al-Fitr, which marks the end of Ramadan.
Hot-rolled coil is being offered at $550 to $570 per tonne c.f.r. for September and October delivery and cold-rolled coil import offer prices are $630 to $650 per tonne c.f.r. Hot-dipped galvanized coil was offered at $720 to $750 per tonne c.f.r. from Indian sources last week, but no new offers have been heard this week, sources told AMM sister publication Steel First.
Rebar import offers to the UAE are unchanged at $605 to $620 per tonne c.f.r. on a theoretical weight basis, and billet import offers are $535 to $550 per tonne c.f.r.
A trader noted that buyers are not negotiating with sellers as they want to see the direction of prices after the holiday. Market participants believe business will return to normal by mid-August.
A version of this article was first published in AMM sister publication Steel First.