This week, Emirati customers who needed to restock hot rolled coil (HRC) have continued to book some volumes from Chinese suppliers, but other UAE purchasers have remained wary of stocking up considering the sluggish local demand. In contrast to Chinese suppliers, some Indian suppliers' offers have been heard but at high levels, which are viewed as impracticable by Emirati buyers when compared to China's much-reduced offers.
As a result, China has sold three or four lots totaling 20,000 mt of S235JR grade HRC at $580/mt CFR UAE in past weeks. Meanwhile, overall Chinese offers for SS400 have remained unchanged at around $570-580/mt CFR to the UAE for end of October-November shipments.
On the other hand, as previously stated, while some Indian suppliers are attempting to offer at higher price levels of around $620-640/mt CFR UAE, the majority of larger mills in India have chosen to remain silent as their domestic market trading activity is sufficient. According to market participants, despite certain Indian mills seeking higher levels, no one has yet booked at or expressed interest in these levels.
Similar to India, South Korean suppliers, which tried to offer higher prices but attracted no bookings, have continued to delay offers and to focus their trading activity on other markets.