Emirati buyers, whose stocks are diminishing, prefer to buy in only sufficient tonnages since signs of declining import prices continue to suppress their purchases. As a result, while many import offers are unchanged this week, pricing has begun to ease in some low-priced deals.
According to sources, ex-India sold over 10,000 mt of HRC to the UAE at $685/mt FOB, which is roughly $715-720/mt CFR. Another deal reported is that GCC-based customers have booked 5,000 mt of HRC from India for $688/mt FOB.
In comparison to last week's higher Indian HRC offerings, this week's offers have trended down by $25-30/mt. However, certain Indian HRC suppliers are still trying to give high levels of around $730-740/mt CFR for end-of-March or April shipments.
Meanwhile, ex-China SS400 offers remained mixed, with some mills offering the same price as last week at $690-700/mt CFR, while others have opted to sell at roughly $670-680/mt CFR for April shipments.
Ex-South Korea and ex-Japan offers are stable at $745/mt CFR and $740/mt CFR for March and April shipments, respectively.
