Considering the substantial amount of hot rolled coil (HRC) purchases made by Emirati buyers in the previous week, supply levels are at present adequate, and no new deals have been placed this week. Despite Emirati purchasers' continual interest in restocking, according to local re-rollers, demand from end-users in the UAE remains insufficient, particularly for coated products. Furthermore, even though the United Arab Emirates has announced a significant round of construction projects, construction work is moving extremely slowly, which is causing business activities to fall short of expectations.
Meanwhile, import offers, particularly from South Korea and Japan, have remained similar to the recent purchases. Chinese suppliers, on the other hand, have decided to decrease prices to the UAE slightly.
According to reports, over the last week ex-China HRC offers for SAE1006 grade have decreased slightly from the previous week by $5-10/mt to $560-575/mt CFR, for December shipment. Although there is a modest reduction in offers, it is anticipated that prices may fluctuate in the coming days due to the rebound have seen in traders' pricing.
On the contrary, South Korean and Japanese suppliers have continued to maintain offers at $590-600/mt CFR and $580-585/mt CFR for November and December shipments respectively.
