Following the Eid holiday, Emirati HRC buyers have returned to the market but remain in a relaxed, post-vacation mindset. Consequently, activity on the import side has been minimal, with most buyers remaining quiet. Similarly, domestic trading remains slow for the same reasons, though market participants anticipate a pickup in activity by next week. Meanwhile, HRC offers from China have declined slightly, while other suppliers, responding to the slow pace of trading in the UAE, have kept their offers stable this week.
Over the past week, offers from Chinese suppliers have dropped to $475-485/mt CFR UAE, down from $480-490/mt CFR. UAE-based re-rollers report hearing even lower prices in the range of $460-465/mt CFR, though these are viewed as unrealistic under current market conditions.
On the other hand, Japanese suppliers have maintained their previous offer levels at $500-505/mt CFR, as the UAE market has remained quiet due to the holidays.
Indian suppliers, still attempting to sell above the general market level, have held their offers at $520/mt FOB, equivalent to around $550-555/mt CFR UAE. However, most Emirati buyers are showing no interest, preferring more competitively priced offers from other sources.
