Emirati re-rollers have finalized a significant hot rolled coil (HRC) purchase from Japan, following a week of negotiations and interest. However, market participants note that HRC buying activity in the UAE remains subdued, largely due to seasonal effects impacting local demand. This slowdown has caused most buyers to hold off from restocking and show little urgency to conclude new deals. Meanwhile, HRC offers from other suppliers remain largely stable. Some of the lowest offers in the market have been heard from non-VAT Chinese traders and Russia, though no transactions have yet been reported from GCC buyers.
According to market sources, approximately 25,000 mt were booked at $490-495/mt CFR UAE, with shipment scheduled for August. Japanese offers are currently holding firm at these levels.
Meanwhile, Chinese SS400 HRC offers from non-VAT traders in the UAE have been heard at $460-465/mt CFR, down slightly from $465/mt CFR last week. Offers from other Chinese traders and mills have remained unchanged at $470-480/mt CFR.
Additionally, competitive offers have emerged from Russia, with prices ranging at $450-460/mt CFR for July shipment. However, no confirmed deals have been reported at these levels so far.
In contrast, South Korean suppliers continued to offer material at $510-515/mt CFR, consistent with last week’s levels. Taiwanese offers have been heard at $515/mt CFR, aligning with South Korean pricing.