Following the increases in import HRC prices in recent weeks, UAE customers have opted to delay bookings, raising concerns about the sustainability of higher prices and the state of market sentiment. Accordingly, purchasers have been taking their time in the face of persisting weak end-user demand.
“Demand in the UAE is unsatisfactory, and import prices have increased and caused concerns about its long-term sustainability," a local trader told SteelOrbis.
Meanwhile, Chinese HRC sellers have continued to increase offers to the UAE with the latest SS400 grade offers reported at $720-730/mt CFR, up $10/mt over the past week, for April shipments.
On the contrary, Indian HRC exporters have maintained their offers to the UAE at $750/mt CFR for April shipment, but market participants believe that in the next few weeks offers will follow the same trend as Chinese HRC prices.
Similarly, South Korea and Indonesia have reaffirmed their HRC offers to the UAE at $800/mt CFR for May and June shipments, and $785/mt CFR respectively.
