Over the past week, import hot rolled coil (HRC) offers to the United Arab Emirates (UAE) have decreased by $15/mt on the upper end to $530-540/mt CFR.
Last week, ex-China HRC offers to the UAE increased to $550-555/mt CFR. However, Chinese HRC quotations to the country are now at $540/mt CFR since the higher prices failed to gain acceptance and since demand for HRC in the Chinese domestic market has been slack. Meanwhile, ex-India HRC offers to the UAE have remained unchanged week on week at $530-540/mt CFR
According to market sources, import HRC offers to the UAE are unlikely to decrease further in the coming period as demand for import HRC in the country has started to recovery slightly.