With trade still unsatisfactory in the UAE, Emirati customers continue to expect low import hot rolled coil (HRC) prices. However, ex-China offers have increased slightly after the holiday. Similarly, South Korean exporters report that, although offers are now quite stable, they aim to raise them in the coming weeks.
In the meantime, Indian suppliers, who still do not believe that GCC customers would accept their high offers, have decided to hold back from giving hot rolled coil offers and to focus on their domestic trade which is still robust.
Currently, offers from China for SS400 HRC for November and December shipments have increased by $10/mt over the past week to $580-590/mt CFR UAE. However, Emirati consumers insist on lower prices and are attempting to obtain deals at $570/mt CFR to the UAE. South Korea, on the other hand, has decided to maintain pricing at $590/mt CFR to the UAE for November and December shipping, while indicating possible price rises in the near term.