Local demand for flat steel in India and China, the main exporters of flat steel to the UAE and Saudi Arabia, was strong so market participants made a limited quantity offers at high prices.
Offer prices for hot-rolled coil from Indian suppliers
were at $525-535 per tonne cfr last week, with no new offers heard this week.
Market participants believe $540-550 per tonne cfr would be workable for Asia-origin HRC.
Meanwhile, Saudi Arabia offered HRC at $600 per tonne delivered to the UAE, but...