Following significant purchases by Emirati customers in the previous week and given the availability of sufficient stocks, no HRC purchases have been reported in the past week from the UAE. Furthermore, even though import HRC offers are currently stable, buyers anticipate some price softening, particularly from China, as futures prices there have decreased.
As a result, current HRC offers from China have been quoted at $520-530/mt CFR for January shipment. However, according to market participants, certain non-VAT traders continue offering significantly lower prices to the UAE at $515/mt CFR.
Indian suppliers have kept their prices stable week on week at $550-565/mt CFR to the UAE for January shipment. Despite this stability, a representative of one Indian supplier said that trading activity has been relatively low due to decreasing price levels, notably from China.
Meanwhile, Japanese and Taiwanese suppliers which sold several lots last week have this week not given any prices for January shipment, despite their earlier offers at roughly $530-540/mt CFR to the UAE.