Hot rolled coil (HRC) import prices in the UAE have continued to decline this week, making buyers even more hesitant to purchase. Further discounts are anticipated, given the rapid price decline and, in addition, local business activities during the Ramadan period have been rather slow and are foreseen to remain slow until after the upcoming Eid holiday.
“The market is sluggish, and nothing much happens in the UAE because of Ramadan and the Eid holiday,” a re-roller told SteelOrbis.
This week, ex-China SS400 HRC offers to the UAE have been heard at $650-670/mt CFR, down $30/mt from the previous week's offers for June shipment.
Similarly, ex-India offers for shipments in late May or early June have fallen by $10-25/mt to $720-740/mt CFR. While major mills continue to try to sell at the upper end at $735-740/mt CFR, other mills are offering at about $720-730/mt CFR to the UAE. However, because ex-China HRC offers are more competitive, there is currently not much interest from Emirati buyers in Indian HRC.
Meanwhile, South Korea is offering HRC to the UAE at $740/mt CFR for June-July shipments.