Although ex-China hot rolled coil (HRC) offers have softened slightly compared to last week in response to the declines in futures prices, buyers in the GCC have not shown much interest and prefer to follow the market, which has been fluctuating in recent weeks. However, several Emirati and Saudi re-rollers needing to restock have shown interest and purchased certain quantities of ex-Japan material.
According to reports, in the previous week Emirati and Saudi buyers purchased 23,000 mt and 7,000-10,000 mt of HRC from Japanese suppliers for October shipment at $500/mt CFR, respectively.
In contrast, due to the slow local market and declines in futures prices, offers in China have gone down. As a result, this week's offers to the UAE have ranged at $500-515/mt CFR for October shipment, down from $500-520/mt CFR before.
Meanwhile, Indian and South Korean suppliers have remained silent and have not offered HRC to the UAE again this week, citing a lack of interest from Emirati customers due to a cheaper alternative in the market.
