Emirati clients are not eager to make purchases right now, and they are watching the market as import offers for hot roll coil (HRC) improve in response to rising demand and orders. Meanwhile, demand in the UAE is also still below the targeted levels, and projects are still not beginning, which complicates market players’ decisions.
“Demand is slower due to the global economic outlook and there are projects in the GCC market but they have not started yet, so the outlook is mixed,” a trader told SteelOrbis.
This week, ex-India HRC offers to the UAE have been heard at $610-620/mt CFR, up $10-15/mt from the previous weeks' offers, but also one Indian supplier has offered at $640/mt CFR for January shipment, SteelOrbis has learned. Ex-China SS400 HRC prices have settled at $630-640/mt CFR.
Meanwhile, South Korea is offering HRC at $620-640/mt CFR for February shipments, while its offers in previous weeks were at $575/mt CFR, and Japan is offering at $620/mt CFR.
