Over the past week, import hot rolled coil (HRC) offers to the United Arab Emirates (UAE) have remained stable at $545-570/mt CFR.
This week, in line with the slight decline in Chinese HRC offers in the global market, Chinese HRC producers have decreased their offers to the UAE by $5/mt to $555-560/mt CFR. According to market sources, Indian HRC suppliers have slowed down their activity in export markets due to the approach of the end of the Indian fiscal year and have maintained their prices offers unchanged. As a result, ex-India HRC offers to the UAE, which had increased slightly in the previous week, have remained stable during the past week at $560-570/mt CFR. However, price levels of ex-India HRC at $560/mt CFR and above have failed to gain acceptance in the UAE market and no deals have been concluded, while Indian exporters have accepted buyers’ firm bids at $545/mt CFR.
According to market sources, demand for HRC continues to be observed in the UAE and buyers continue to make bookings. As buyers are likely to continue replenishing their inventories in the short term, no sharp changes are expected in import HRC offers to the UAE.