Considering the ongoing decline in import offers, buying activity in the UAE's hot rolled coil (HRC) import market has improved slightly. Despite low end-user demand, Emirati purchasers, who have needed to restock, have accepted reduced prices and concluded several transactions.
Accordingly, last week Emirati purchasers booked HRC from ex-Japan at $685-690/mt CFR, whereas most reported Japanese offers were around $690/mt CFR.
Furthermore, China has sold 10,000 mt of HRC to Oman at $660 CFR. Meanwhile, ex-China SS400 material HRC offers to the UAE have remained unchanged week on week at $600-630/mt CFR.
On the other hand, in response to China's aggressive reductions in prices, certain Indian mills have decided to lower their offers to the UAE and this week have offered at around $675-680/mt CFR for June-July shipment.
Furthermore, South Korea has dropped its HRC offers to the UAE by $35-45/mt to $670-680/mt CFR for shipment in July or late August.
