Considering slow domestic demand and softening expectations for hot rolled coil (HRC) import prices, the majority of UAE-based purchasers have remained cautious, but those who need to restock still prefer ex-India material. As expected, earlier this week the market saw a decline in offers from Indian suppliers, while the price policy of Chinese sellers, who have recently returned to the market, is not yet quite clear. South Korean suppliers, on the other hand, have decided to withdraw their offers to the UAE and concentrate on their domestic buyers as well as on some alternative overseas outlets after attempting to give substantially higher offers, but not finding much interest from UAE-based purchasers.
According to market sources, India has recently sold 15,000 mt of HRC to the UAE and 20,000 mt to Qatar at $585-610/mt FOB. In the meantime, current offers for March shipments have dropped by $10-15/mt to $625-630/mt CFR to the UAE.
Conversely, quotes for Chinese SS400 HRC vary at $595-620/mt CFR for shipments at the end of March and in April, while the pre-holiday levels stood at $590-600/mt CFR. Accordingly, first-tier mills are offering at $615-620/mt CFR, while second-tier mills are offering at the lower end of the range.
As mentioned, due to the ongoing slowdown in trade with the GCC, South Korea suppliers have decided to withdraw their offers.