With bearishness increasing among market insiders in recent weeks, Emirati buyers have mostly opted to hold back from bookings of hot rolled coil (HRC) in anticipation of cheaper offers. Amid the low demand from end-users, customers are able to take their time.
Specifically, since the beginning of June ex-India boron-added HRC offers have decreased by $40/mt to $760/mt CFR Jebel Ali. Sporadic deals for small lots have been heard at $770/mt CFR during the past week. Nevertheless, some Indian HRC suppliers have continued to seek higher levels, voicing official offers at $785/mt CFR. Some Emirati buyers have been testing the market with counter bids at $750/mt CFR and below, though they have failed to find sellers at those levels.