Considering the persistently weak end-user demand, most Emirati purchasers have been unwilling to restock, although some bookings from China have been heard this week. Meanwhile, offers from other suppliers, particularly from India and South Korea, have been mostly held back in recent weeks, partially because their higher prices have not been accepted by Emirati customers amid the pessimistic mood in their domestic market.
“[We are] still not offering because allocation to this region [is limited] and the [buyers’ bid] prices are very low,” a representative of a major South Korean exporter told SteelOrbis.
Over the past week, ex-China offers for SS400 HRC have remained stable at $600-625/mt CFR for September shipments. However, some lower booking prices have been reported this week to the GCC at about $598-600/mt CFR.
On the other hand, as previously stated, HRC offers to the UAE from suppliers from India and South Korea are still being held back, due to the same problems that have plagued trading activity in the previous few weeks.
