Emirati consumers put off buying as ex-China HRC offers soften further

Even though HRC offers, particularly from China, have continued to decrease due to the ongoing slow end-user demand in the UAE domestic market, Emirati customers' purchase decisions have remained impacted. As a result, no deals have been completed this week, and the majority of Emirati purchasers have continued to wait and monitor the trends in the market. Nonetheless, remarks made by market participants indicate that a recovery in business activity is anticipated after the end-of-Ramadan holiday.

Over the last week, ex-China SS400 offers to the UAE have dropped by $10-15/mt to $540-555/mt CFR for May shipments. However, according to reports, offers from first-tier Chinese mills have been heard in the UAE at approximately $570-580/mt CFR, which is mostly stable week on week.

In the meantime, ex-India prices have remained stable week on week at $600-610/mt CFR for May shipments, but Emirati customers have shown not much interest since Chinese suppliers' offers are highly aggressive.

Furthermore, while no ex-Japan offers have been reported in the UAE this week, offers from South Korea have remained at $640/mt CFR for May shipment, the same as last week.