Ex-China HRC offers remain most competitive in UAE

With Indian hot rolled coil (HRC) рroducers having focused on sales to Europe due to the more attractive prices there, Emirati customers have shifted to ex-China bookings. According to reliable sources, over 50,000 mt of HRC from China have been traded to the GCC region, in particular to the UAE since the beginning of March. Specifically, the latest transactions for ex-China SAE 1006 HRC with thickness above 2 mm for May shipments have been fixed at $980-985/mt CFR. Given the firm demand in the region, Chinese traders have attempted to raise offers to $1,000-1,020/mt CFR, even given that ex-China HRC offers have remained workable only for Emirati buyers. A 6,000 mt cargo of ex-China cold rolled full hard (CRFH) coils has been booked at $980/mt CFR, while offers have been voiced mostly at $985-995/mt CFR. “Indian mills are resisting sales below $1,130-1,160/mt CFR, but no one will buy at these levels,” an official at an India-based HRC mill stated. “All mills are sitting quietly for a while for this region, being focused on Europe,” an official at another Indian mill stated.