This week Chinese suppliers have chosen to substantially lower their offers though no transactions have been heard yet, while Emirati consumers with lower stocks have decided to buy certain tonnages from India. End-user demand has remained weak, with market participants stating that the ongoing price reductions in the import sector have left buyers in a state of indecision.
According to sources, in recent days, Emirati buyers have booked 12,000 mt of ex-India HRC at $630/mt CFR for June shipment. Additionally, another Indian supplier has sold 15,000 mt of HRC to Oman for around $635-640/mt CFR.
After some deals, ex-India offers have decreased to $630/mt CFR from the previously seen $640/mt CFR. However, a few larger mills in India are still not supplying to the UAE since the present market offers appear very low to them.
Likewise, Chinese suppliers, who last week tried higher prices, have decided to reduce their SS400 material offers by $60/mt over the past week to $570/mt CFR for July shipment.
Furthermore, Japanese exporters have also opted to slightly drop their offers by $10/mt week on week to $620-630/mt CFR.
