Business activity in the UAE’s hot rolled coil (HRC) market, which has been strongly impacted lately by the Covid-19 pandemic, has become even more limited with the start of the Ramadan period.
Offers for Indian origin of HRC have dropped mostly by $10/mt over the past three weeks to $400-405/mt CFR for June shipments with only small lots being traded recently. “The market is still sluggish. I would say no demand at all. Hopefully, we will see movement in the coming weeks,” an Indian supplier said. “People reject doing new business due to the uncertainty caused by Covid-19. In addition to reduced end-user demand, there are some delays of shipments... Jebel Ali port is congested,” a UAE-based buyer told SteelOrbis.
South Korean HRC offers for June shipment have been voiced to the UAE at around $400/mt CFR, down $35/mt since early April with no solid demand reported.