Customers in the UAE have delayed HRC bookings in response to recent reductions in import prices, notably from China after its return from its holiday. After the price reduction from China, some downward movement has spread to the prices of other HRC suppliers, who anticipate lowering their prices in the days ahead. On the other hand, because additional declines are forecast, even if no sales have been reported this week, UAE customers are following the market trend and expressing interest in importing, which may result in some purchases in the coming days.
According to reports, this week's ex-China SS400 offers to the UAE have decreased to $490-495/mt CFR, down from $510-520/mt CFR from the previous week, for March shipments.
Meanwhile, Japanese suppliers have kept offers for July shipment to the GCC largely stable week on week, at $510-515/mt CFR.
A similar consistency has been seen among Indian suppliers, with SAE1006 offers now set at $525-530/mt CFR for shipment at the end of March. However, as previously said, some decreases in prices are likely in the coming weeks, maybe by $10/mt.