The Middle East markets for cold rolled coil (CRC) continued last week to witness very low levels of activities, but they are expected to rebound as the holiday season closes to an end.
The lull in Turkey’s domestic markets was partly caused by stockists reluctant to replenish their stock due to the lira’s instability against the US dollar. CRC of 1 mm thickness remained priced at an average $910 (excluding VAT) per ton ex-warehouse, while thinner coil of 0.5 mm thickness was offered at an average $945 per ton ex-warehouse, which constituted a drop of about $10 per ton compared to one week earlier.
Early last week, Russia offered the Turkish market cold rolled coil 1mm and up at $850 per ton CFR.
In an attempt to encourage sales, Pakistan’s largest integrated mill, Pakistan Mill, reduced its coil prices marginally - by $2-$5. Thin coil of up to 0.55 mm thickness is now offered at 82,100 rupees ($945) while the mill’s thickest CRC, 1.8 mm and above, is priced at 75,700 rupees ($872).
Earlier in the UAE, a couple of contracts were signed with Indian suppliers for cold rolled coil at $845 per ton CFR Dubai.
Early last week, ex-China offers for 1 mm cold rolled coil averaged at $755-770 per ton FOB, for October shipment – an increase of $10 per ton compared to one week earlier. These offers were raised by another $5 by the end of the week.
