Over the past week, demand for import hot rolled coil (HRC) in the United Arab Emirates (UAE) has increased, while import HRC offers to this destination have increased to $530-555/mt CFR as Chinese market players have raised their quotations after their return from holiday.
Following the Chinese New Year holiday (February 4-10), Chinese HRC suppliers have increased their prices offers to the UAE from $535-540/mt CFR to $550-555/mt CFR.
Meanwhile, Indian HRC suppliers have continued to give price offers to the UAE market, keeping their offers at last week’s range of $530-540/mt CFR. However, CIS-based HRC suppliers have made no new offers to the global market, including the UAE, due to the upward movement of raw material prices, while they are expected to make new offers in a couple of weeks’ time.
According to market sources, demand for import HRC in the UAE is expected to increase slightly or to remain at current levels, while prices are unlikely to decrease in the short term.