This week, although domestic flat steel demand from end-users has remained relatively stable, it has been somewhat slower due to seasonal factors. As a result, Emirati buyers remain cautious regarding imports and have refrained from concluding any new deals for the time being. Meanwhile, hot rolled coil (HRC) offers have largely stayed stable over the past week. However, market participants report that, despite the general stability in offers, a slight price softening has been observed from Chinese suppliers. This has contributed to growing expectations among buyers that prices may soften further in the coming weeks. Consequently, most buyers in need of stock are likely to postpone purchases in anticipation of a more favorable pricing environment or may opt for transactions at lower price levels.
Currently, HRC offers from China to the UAE for SS400 grade are mostly quoted at $500-510/mt CFR for late August and September shipments, slightly down from $510-520/mt CFR last week. Nevertheless, some lower levels at around $495/mt CFR may still be available, potentially from non-VAT suppliers.
Similarly, offers from Japanese suppliers have followed the same stabilization trend, with prices heard at approximately $500-510/mt CFR for October shipments to the UAE.
Indian suppliers, on the other hand, have maintained stable offers at the highest levels in the market. These levels are currently not considered viable by Emirati buyers, given prevailing market conditions. Consequently, no interest or deals have been reported from UAE buyers. Present offers are quoted at $540-550/mt CFR for September shipments.
