Over the past week, import offers for hot rolled coil (HRC) have continued to rise in the UAE, as further increases from Chinese suppliers have been recorded after the holiday, causing other suppliers to increase their offers. Since the market has seen some development, some Emirati purchasers whose stocks have fallen are seeking to purchase some lots, but demand in the local market from end-users has yet to be sustained and so domestic trade in the UAE remains limited.
According to reports, India sold 10,000-13,000 mt of HRC to the UAE 10 days ago at $520/mt CFR, although this information was not confirmed by the time of publishing. Currently, official offers for this origin vary between $540-550/mt FOB.
Meanwhile, HRC offers from China have increased by around $20-35/mt since last week, with quotes in the range of $580-600/mt CFR. Some Emirati purchasers, nevertheless, claim that the offers seem high and unstable for any action to be taken.
While Japanese suppliers have not yet made fresh offers which previously were at $520/mt CFR, South Korea is not making offers, but market players believe that, if the current trend continues, new offers will be heard from South Korea shortly.