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UAE: flats market static – 15 Feb 11

There is no improvement in the UAE flat product market. Both end-users and traders are still inactive and not willing to accept persisting price growth. Besides, high stocks and few projects in the country allow market participants to stay in a wait-and-see mode.
There are very few offers to UAE. Most CIS distributors have not yet announced prices for March production of HR and CR coils. Yet, some Middle Eastern buyers have received offers from MMK at $780/t FOB (March rolling), which means $855/t C&F to UAE (estimate). However, Ukrainian trading companies are still offering February output from Ilyich at two-week ago levels. Sellers reportedly discount at least $10/t when signing a contract. Besides, there are offers of Hadeed (Saudi Arabia), who has increased prices for April production by $20-30/t. SE Asian suppliers plan to announce new quotations next week only, though the holidays are over, and they are expected to be higher.
Al Ghurair Iron and Steel (AGIS), the only local producer of galvanized and CR products, is not in a hurry to revise its prices as well.
( Source: www.metalexpert-group.com )
Feb 15, 2011 10:30
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