In recent market developments, the import prices for flat steel in the United Arab Emirates (UAE) and Saudi Arabia have remained relatively stable. Emirati buyers have been cautious due to ongoing weak demand in the local UAE market following a recent holiday. As a result, they have decided to delay their hot-rolled coil purchases.
Despite the cautious approach, import offers for HRC have shown relative stability in the UAE. Nonetheless, buyers are holding off on committing to purchases, awaiting more favorable conditions. Saudi Arabia primarily imports flat steel from China, India, Japan, South Korea, and Sweden. China is the largest supplier, followed by India and Japan.
In a notable development, China has raised its offers for Hot Rolled Coil to $580-585 per tonne CFR to the UAE over the last week.
In 2022, Saudi Arabia imported a total of $526 million worth of flat steel, with China being the dominant source. The fastest-growing import markets during this period were India, Japan, and the United Arab Emirates.
Additionally, Saudi mills have shown strong demand for billet, which is expected to impact prices. Rebar imports have also been stable.
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