Although demand from end-users in the UAE has remained constrained, lower offers from India-based suppliers of hot rolled coil (HRC) have driven Emirati re-rollers to replenish their stocks on the eve of the religious holidays.
Accordingly, SteelOrbis has learned of the most recent bookings for at least 20,000-25,000 mt of ex-India SAE1006 HRC at $980/mt CFR, down at least $50/mt compared to the transactions done at the end of June. Meanwhile, in deals for base S235JR HRC, Emirati customers have been able to get $970/mt CFR, according to market sources. “Prices for HRC from China have dropped and India-based suppliers have been forced to follow. However, following the recent big-volume sales, prices are about to bounce back. We are again aiming to get four-digit prices in future bookings,” a key India-based HRC supplier stated.
In the meantime, ex-China HRC has been available in the Emirati market at $920-930/mt CFR, with no bookings reported during the given week.