Emirati re-rollers have been compelled to accept higher pricing for hot rolled coil (HRC) in their recent import bookings due to a lack of better options and also a necessity to restock. Nevertheless, Emirati end users have remained cautious in general, with mixed feelings about future price shifts.
Accordingly, in recent days Emirati buyers have booked at least 30,000 mt of ex-India HRC at $605/mt FOB, or around $640/mt CFR. Last week, most of the reported offers from India stood at $610-620/mt CFR.
“The higher deals might have been for thinner material or simply because India increased the price for key customers and stood firm,” a trader told SteelOrbis.
In fact, ex-China HRC offers to the UAE are almost in line with the reported ex-India deals. The traders are offering SS400 material at $630-640/mt CFR while at the end of the past week, according to sources, there were deals for 1.2 mm HRC from China at $650/mt CFR.
South Korea and Japan also maintained their HRC offers to the UAE at $620-640/mt CFR and $620/mt CFR for February shipments, respectively.
