This week, there has been a surge in import activity in the UAE’s hot rolled coil (HRC) market since buyers, who had been postponing purchases, have finally decided to restock. HRC from China, South Korea and Japan, as usual, has been preferred.
According to sources, suppliers from China have sold 10,000 mt of HRC to the GCC for $573/mt CFR, while offers to the UAE have remained unchanged at $570-580/mt CFR, for December shipment.
In addition, South Korean sellers who attempted to raise their offers supplied 10,000 mt of HRC to the UAE this week at $590/mt CFR for November and December shipment. Their offers are currently at around $590-600/mt CFR to the UAE.
Japanese HRC has been also in demand in the UAE as up to 25,000 mt have been sold at $580-585/mt CFR, down $5-10/mt over the past two weeks. Meanwhile, India continues to postpone offers to the GCC since its domestic market remains more appealing.
