UAE Buys HRC Only From Iran

EghtesadOnline: There is not much buying or selling happening in the UAE’s hot rolled coil market due to the uncertain situation and fluctuating prices. Besides, demand is weak at the end of the year and inventories are not high, market players report.

News ID: ۷۷۲۸۰۹

01 January 2017

There were deals only for Iranian material due to most attractive offers and lead time. Despite a $10/ton rise over the month, prices for Iran’s Mobarakeh HRC were the most attractive last week.

Consequently, local traders booked Iranian material with January shipment at $515-520/ton CFR from the mill a week ago, Metal Expert reported.  The mill has already sold out all the available quantities.

Meanwhile, quotes from China have decreased over the past two weeks on falling futures and domestic prices but there are no takers for Chinese HRC in the UAE due to the long lead time amid volatile market, according to Financial Tribune.

“Prices are different from each mill. They depend on the quantity as well. If the quantity is big, they can sell at a lower price, below the cost,” a pipe manufacturer told Metal Expert.