Although Chinese suppliers, in particular, offered very affordable HRC pricing to the UAE last week, Emirati customers stayed silent on imports over the past week, possibly due to a lack of business activity in the domestic market. However, in response to increases in futures prices, Chinese suppliers have begun increasing their offers to the UAE. Despite the present silence in the UAE, market players say Emirati customers are still seeking lower prices and show interest in purchases in the coming days.
“Import prices have somewhat tightened, but customers are still not buying because prices were lower last week and have suddenly increased, making it tough to decide and purchase in the current fluctuating pricing environment,” an exporter told SteelOrbis.
According to reports, ex-China HRC offers for SS400 grade have increased by just $20-30/mt week on week to $500-520/mt CFR, for October shipment. However, according to re-rollers, a few Chinese suppliers are still offering HRC at previous lower levels of around $495/mt CFR.
Meanwhile, Japanese suppliers have continued to maintain offers at $530/mt CFR to UAE, but, according to sources, offers to the GCC have been slightly reduced to $520-525/mt CFR.
On the other hand, although the majority of Indian suppliers continue to refrain from making offers to the UAE, some Indian suppliers have decided to offer at $580/mt CFR this week, which is extremely high and impossible to achieve in the present GCC market.
