Given the decreasing trend in HRC import offers, Emirati purchasers needing to restock have shown some interest in replenishing stocks over the past week. According to market participants, because Chinese suppliers have continued to reduce their offer prices over the past week, with Indian and Japanese suppliers following suit, much more import activity is anticipated in the coming days.
According to reports, Japanese suppliers who had not been selling in previous weeks have begun to offer at $500-510/mt CFR for March shipment and have sold some lots to the UAE this week. Previously, offers from Japan were at $530/mt CFR.
Sales have been reported from India, according to sources, with Indian suppliers selling 8,000 mt to the UAE at $486/mt FOB as well as 6,000 mt to Qatar at $490/mt FOB, which translate to around $520/mt CFR and $515/mt CFR, respectively.
In the meantime, Chinese offers have softened further, with a sale of 10,000-15,000 mt at $480/mt CFR reported to the UAE. However, according to UAE buyers, the majority of Chinese suppliers are still offering at approximately $490-500/mt CFR UAE for February shipment.
