Following a slight softening in Chinese HRC prices last week, Emirati buyers have shown interest in imports, purchasing limited volumes. Despite this uptick in activity, local market participants report that domestic demand remains slow, leading UAE importers to refrain from aggressive restocking. While HRC offers from China have largely remained stable, some downward adjustments have been observed from Indian and Japanese suppliers. Nevertheless, with offers from India still exceeding $500/mt CFR, they are not generating significant interest among Emirati buyers.
Reportedly, Chinese suppliers sold some HRC to the UAE at around $465-470/mt CFR, though the deal has not been confirmed as of publication. Current ex-China offers for SS400 grade HRC for July shipment are quoted at $475-485/mt CFR, unchanged from the previous week.
Meanwhile, Japanese suppliers have adjusted their offers downward, now quoting below $500/mt CFR to GCC countries. However, due to regional geopolitical tensions, many traders are adopting a wait and see approach amid potential supply disruptions.
Indian HRC offers have also declined this week, now at $535-540/mt CFR, down from $550-555/mt CFR last week. Despite the price drop, buying interest from Emirati importers remains subdued.
Furthermore, Russian suppliers HRC offers continue to be heard at $455-460/mt CFR, and also this week offers from Australian suppliers have been heard at approximately $525/mt CFR.