Given the slower interest from end-users and the summer season, Emirati buyers with sufficient stocks remain silent about purchasing but, even if no one is interested, China is still the most appealing import source. Meanwhile, hot rolled coil (HRC) import offers remain largely stable, with some fresh offers coming from South Korea and Taiwan in comparison to recent weeks. Market participants, however, predict that Emirati purchasers will show interest in the coming weeks, which will also influence the price trend.
“The market is now quiet, but there is still time to book for August shipments, with customers expected to book in the coming weeks. Any deals concluded will give the next indication of the price trend,” an exporter told SteelOrbis.
As a result, ex-China offers to the UAE have remained stable week on week at $550-565/mt CFR. Similarly, Indian suppliers’ estimated current HRC offers to the GCC are also unchanged, at $570-590/mt CFR, while offers to the UAE have not been heard.
On the other hand, according to sources, this week South Korean and Taiwan suppliers have offered HRC at around $590-595/mt CFR to the UAE.
Contrary to other suppliers, ex-Japan HRC offers to the GCC are still not heard, and, according to sources, one of the main Japanese mills is expected to implement a shutdown in September and so may not have offers for September, although this information has not been confirmed.
In addition, Dexin, the Indonesian company, has started selling its new HRC line’s products at $600/mt FOB with the intention of selling to the EU and neighboring Asian countries. This price is not feasible for the GCC, although they may provide matching offers in the future.
