Amid the sluggish transactions in the cold coil and hot-dip galvanized markets, the transaction in the Saudi HRC market increased. According to research, the new crown pneumonia variant Omicron did not significantly suppress market activities. On the contrary, after the price was adjusted, market demand was bullish. Several orders recently traded in the Saudi market are hot rolls imported from India. The import price of mainstream hot coil (3mm) in the Middle East is at US$810/ton CFR, which is basically the same as that of the same period, but has dropped slightly from 2 months ago.
Overall, the Saudi market still lacks activity. Partly due to the lower-than-expected chip output, the demand for sheet metal in the manufacturing industry has been sluggish. In addition, just before the Chinese New Year, most suppliers in China and Southeast Asia have stopped supplying and are expected to resume after the festival.
Post time: Jan-21-2022