Although demand was beginning to pick up, this week's rise in hot roll coil (HRC) import prices from China and India caused confusion among Emirati purchasers. While some buyers in the UAE are attempting to replace their stocks, others are now hesitating to purchase owing to the higher import pricing.
“This week prices increased but customers are not accepting the price levels,” a trader told SteelOrbis.
According to sources, in recent days Emirati buyers have booked 30,000 mt of ex-India HRC at $580-590/mt CFR. After several deals, ex-India offers increased to $600-605/mt CFR from $590-600/mt CFR previously. Similarly, ex-China SS400 material offers have also risen by $20-25/mt over the past week to $605-615/mt CFR.
Meanwhile, South Korea and Vietnam continue to offer at the same levels as last week at $575/mt CFR. Additionally, Saudi flats supplier Hadeed is still more focused on its domestic market and continues to offer products at $710/mt CPT.
