Although the majority of Emirati purchasers state that demand remains inadequate, particularly in the coated segment, some purchases from Japan were reported to the UAE at the end of last week. Meanwhile, Chinese HRC offers, which are among the most attractive and lowest in the market, have increased this week due to positive signals in futures prices, though at a slow pace because demand remains sluggish and no purchases have been concluded.
According to reports, Japanese suppliers who had earlier offered $500-510/mt CFR to the UAE sold 25,000 mt of HRC for November shipment at $495/mt CFR to the UAE at the end of last week.
On the other hand, Chinese suppliers have raised their offers slightly to $490-510/mt CFR for November shipment, up from $490-505/mt CFR earlier. Furthermore, sources report that the lower level of $485/mt CFR in previous weeks is now off the table.
Unlike other suppliers, Indian and South Korean exporters continue to refrain from offering to the UAE since their local market remains stronger, contrary to the diminishing trading activities and expected cheaper offers in the UAE.
