Since conditions in the UAE's domestic market continue to be sluggish, the majority of Emirati buyers over the past week have chosen to be more cautious in importing. In the meantime, the import market has noticed a weakening trend in hot rolled coil (HRC) prices from both major suppliers, China and India. On the other hand, Japanese suppliers have started offering and have become active in the UAE market this week, while South Korean suppliers who withdrew their offers last week are still absent.
As a result, ex-China SS400 HRC offers for shipments in late March and April have been quoted at $590-600/mt CFR, down from $595-620/mt CFR last week. Additionally, reports claim that certain Chinese traders are offering much lower prices than the previous level of $580/mt CFR.
Similar circumstances have been observed in Indian suppliers' offers, with their current offers for April shipment reduced to $600-620/mt CFR, compared to $625-630/mt CFR in the previous week. While larger mills aim to supply at the higher end and avoid decreasing prices further, other Indian suppliers are offering at the lower end due to slower trade.
Furthermore, Japan has begun offering in the UAE this week, with the latest offer for April shipment at $630/mt CFR.
