Noticing swings in import HRC offers, UAE-based buyers started receiving both low and high offers in recent weeks, which led to confusion and uncertainty about the state of the market. While there were higher offers, Emirati purchasers accepted low-priced offers to replenish their supplies.
As a result, the UAE booked 20,000 mt of SS400 HRC from ex-China last week at $655/mt CFR, while Russia sold roughly 30,000 mt of HRC to the Gulf region at $700/mt CFR for March production.
Currently, despite reports of lower-priced deals, ex-China offers have stayed at last week's levels of $690-700/mt CFR, while other sellers have preferred to sell at about $670-680/mt CFR for April shipments.
Similarly, India has maintained its offers at $720-730/mt CFR for shipments in late March or early April, although, according to market participants, some suppliers are still seeking higher levels at $740/mt CFR.
Moreover, ex-South Korea and ex-Japan offers for March and April shipments remain unchanged at $745/mt CFR and $740/mt CFR, respectively.
“Several Indian producers are reported not to be providing offers, which creates confusion for understanding the market position.” an importer said to SteelOrbis.
