Although demand has remained unsatisfactory, Emirati purchasers who require hot rolled coil (HRC) have continued to replenish their supplies, especially from Japan. After UAE-based consumers' HRC purchases from Japan in recent days, South Korean suppliers have noticed a gradual uptick in trade activity in the UAE and have begun offering HRC to this destination, while Indian producers have remained silent as their own domestic market has remained strong.
According to sources, Emirati buyers have booked 22,000 mt of ex-Japan HRC at $592-595/mt CFR in recent weeks, while current ex-Japan offers for the GCC have remained at around $600/mt CFR. Ex-China HRC offers, on the other hand, are unchanged this week at $570-580/mt CFR UAE. Furthermore, after the improvement in HRC imports, South Korea has begun to offer HRC to the UAE at $590/mt CFR.
On the contrary, due to increased activities in their domestic market, Indian suppliers have continued to focus on their local market and have put offers for the GCC on hold.
“Since our local demand is still high and is expected to stay at these levels, we are still not providing in this area and probably will not for the next few months,” the representative of an Indian mill told SteelOrbis.
