As the Eid al-Adha holiday approached in the UAE, market activity has noticeably slowed since Thursday. The holiday's impact has resulted in a cautious buying sentiment, with fewer bookings and market transactions. Additionally, the downward trend in prices has further contributed to buyers' hesitation.
As the Eid al-Adha holiday approached in the UAE, market activity has noticeably slowed since Thursday. The holiday's impact has resulted in a cautious buying sentiment, with fewer bookings and market transactions. Additionally, the downward trend in prices has further contributed to buyers' hesitation.
UAE Hot Rolled Coil Prices Drop
According to the latest market data, the price of Chinese-origin hot rolled coils in the UAE market has dropped significantly over the past week. The current price is $458-$475/ton CFR, a notable decrease from the previous week’s range of $480-$490/ton CFR. Similarly, Indian-origin hot rolled coils are now priced at $490-$500/ton CFR, down from $510/ton CFR last week. This price drop reflects a sluggish market demand and a more cautious outlook from buyers.
Market Outlook and Buyer Strategies
As the impact of the holiday begins to fade, the UAE market is expected to return to normal in the coming weeks. However, considering the uncertainty in the global steel market and the changing economic landscape in the Middle East, buyers are likely to maintain a wait-and-see attitude until market conditions stabilize.
For steel suppliers, the current market environment presents a challenge that requires flexibility and quick adjustments. How well companies balance price fluctuations, supply chain management, and demand changes will be key to determining sales strategies moving forward.
Conclusion
Overall, the UAE market is currently experiencing a slowdown in transactions due to both the holiday season and price fluctuations. However, the underlying demand for steel remains intact. In the coming weeks, as the global steel market continues to fluctuate, this period will be crucial for companies to adjust their strategies and seize new market opportunities.