Following the break, the UAE's domestic HRC market has resumed its activities, albeit more slowly, which causes Emirati buyers to hesitate to restock hot rolled coil (HRC). Throughout the past week, the majority of import offers have not altered because of the lack of market activity and the low level of local demand. However, due to limited business activity, HRC offers from Chinese suppliers have declined slightly, which may influence UAE-based purchasers' decisions in the coming weeks.
Over the past week, Chinese suppliers' SS400 HRC offers to the UAE have dropped by $5/mt week on week to $510-520/mt CFR for February shipment.
Meanwhile, most Indian suppliers' offers to the UAE have remained stable over the past week, with current HRC offers from India to the UAE at $540-550/mt CFR.
On the other hand, Japanese suppliers, who have not been giving fresh offers in recent weeks, are not making aggressive offers to the GCC right now, but will likely return to the market in next week.
