Considering the significantly increased ex-China hot rolled coil (HRC) offers and the previous weeks' purchases, new deals for HRC have yet to be heard in the UAE this week since buyers want to monitor the market prices amid China's price hikes. Despite the slow demand locally, market players expect trade to continue and some deals to be heard in the coming weeks as some Emirati buyers run out of supply.
Ex-China SS400 HRC offers to the UAE have increased by $10/mt week on week to $580-595/mt CFR for August shipment.
In the meantime, Indian suppliers that had been silent in previous weeks have begun to offer SAE1006 HRC to the GCC, with their official offers at $610-630/mt CFR for June and July shipment. However, rumors have circulated in the market this week that one of the main Indian mills has offered at roughly $595/mt CFR for June shipment to the UAE, but the mill's spokesperson has refuted this information, stating that there are currently no offers for the GCC.
"We are not active in the market and have not made any offers yet, perhaps some trader has,” the representative of the major Indian mill told SteelOrbis.
On the other hand, ex-Japan and ex-South Korea HRC offers for June shipments this week remain stable week on week at $590/mt CFR and $610-620/mt CFR, respectively.
