Trading activities in the UAE have been lively over the past week, with some activity coming from Qatari purchasers as well. Reports indicate that this week the majority of Emirati and Qatari purchasers have replenished their stocks from Indian suppliers since Chinese suppliers are not in the market due to the Chinese New Year break. However, due to slow business activity in the local market and sufficient stocks, market participants predict the market will remain less active or will prefer minor import trades until China returns.
As a result, Indian suppliers last week supplied 5,000 mt and 8,000 mt of HRC to the UAE and Qatar at $483/mt FOB and $478/mt FOB, respectively, equivalent to $510-515/mt CFR. Currently, SAE1006 offers from India to the UAE for February-March shipment vary at $510-520/mt CFR, with larger mills offering substantially higher levels at $530-535/mt CFR.
Meanwhile, Chinese suppliers remain absent from the market owing to the holiday, with their earlier offers varying at $510-520/mt CFR.
A similar silence has been seen from Japanese suppliers with no fresh offers being heard, despite previous offers from Japan to the UAE being at $500-510/mt CFR.